October 16, 2017 / 7:57 PM / a year ago

Brazil brothers who control JBS to face insider trading trial

SAO PAULO, Oct 16 (Reuters) - The controlling shareholders of Brazil's JBS SA, the world's largest meatpacker, will face trial for alleged insider trading and market manipulation, a federal court confirmed on Monday.

Joesley and Wesley Batista were charged last week for carrying out stock and foreign exchange transactions based on knowledge of their plea deal in a corruption case.

Prosecutors say the Batistas saved 138 million reais ($43 million) by selling JBS shares before news of the plea deal broke. Their testimony led to corruption charges against President Michel Temer, whom they say arranged for millions in political bribes.

$1 = 3.17 reais Reporting by Eduardo Simoes; Editing by Sandra Maler

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