September 13, 2017 / 5:42 PM / 10 months ago

Time has come for Brazil to redeem JBS investments, official says

SAO PAULO, Sept 13 (Reuters) - The president of Brazil's state development bank BNDES said that "the time has come for Brazilian to redeem their investments" in JBS SA, the scandal-ridden meatpacker in which the lender's investment arm has a 21 percent stake.

BNDES President Paulo Rabello de Castro made the remarks in his verified Twitter account, without elaborating. Currently BNDES is involved in a legal dispute with the controlling Batista family over control of JBS, the world's No. 1 meatpacker.

BNDES Participações SA, the bank's investment arm, sought to push JBS Chief Executive Officer Wesley Batista out through a lawsuit with the backing of other minority shareholders. Efforts to contact press representatives for the bank were not immediately successful. (Reporting by Guillermo Parra-Bernal and Bruno Federowski; editing by Diane Craft)

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