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Brazil prosecutors charge Batista brothers with insider trading
October 10, 2017 / 5:26 PM / 2 months ago

Brazil prosecutors charge Batista brothers with insider trading

SAO PAULO, Oct 10 (Reuters) - Brazilian prosecutors on Tuesday charged brothers Wesley and Joesley Batista, the controlling shareholders of JBS SA, the world’s largest meatpacker, with insider trading and market manipulation.

Prosecutors said in a statement that the Batistas carried out stock and foreign exchange transactions between March 31 and May 17 using information they had on the contents of their plea deal in a corruption case.

Prosecutors say the Batistas made a profit of 100 million reais ($32 million) with foreign currency transactions ahead of the release of the plea deal and avoided a loss of 138 million reais by selling the company’s shares. ($1 = 3.18 reais) (Reporting by Lais Martins; Writing by Tatiana Bautzer; Editing by Jonathan Oatis)

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