SAO PAULO May 12 Brazilian federal audit court
TCU said it will investigate whether support from development
bank BNDES for meatpacker JBS SA caused losses to
taxpayers, according to a statement Friday.
The court said it found irregularities related to a loan of
1.13 billion reais ($362 million) from the bank to JBS in 2007,
which the company used to finance the acquisition of Swift & Co.
"The transaction represented an investment risk to BNDES at zero
cost to JBS," said the TCU.
($1 = 3.12 reais)
(Reporting by Maria Pia Palermo; Writing by Ana Mano; Editing
by Cynthia Osterman)