News

JBS closes seven packing plants in Brazil

Meatpacker JBS reportedly has closed seven of its packing plants in Brazil.  Various media reports say the closures, all in the state of Mato Grosso do Sul, are the result of a court-ordered $230 million asset freeze.

The freeze is tied to an investigation into alleged irregularities related to tax benefits granted to JBS by the state of Mato Grosso do Sul.

Brothers Wesley and Joesley Batista, who own JBS, were arrested last month on corruption and insider trading charges.  Former CEO Wesley Batista admitted falsifying invoices to cover up bribes to politicians.

JBS says it’s working to restore operations at the plants, but says the plants will remain closed until the matter is resolved.  The closures have an impact on 15,000 plant workers.