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JBS parent to pay $3.2B to settle corruption probes in Brazil

The parent company for Brazilian meatpacking giant JBS has agreed to pay a fine of more than 3-billion-dollars for its role in a corruption scheme involving pension funds.

According to the Wall Street Journal, the penalty is in exchange for leniency in corruption investigations by Brazilian prosecutors.  J & F, the holding company of JBS and other Brazilian businesses admitted to giving roughly $150 million, mostly in bribes, to Brazilian politicians.  Repayment is scheduled to begin in December and the company will have 25 years to compete it.

JBS was also involved in the recent Brazilian meat scandal.  The company was one of the meat packers charged with bribing federal auditors in exchange for fraudulent permits.  Police charged JBS executives with falsifying medical records and certificates, tampering with food products, conspiracy, and corruption.

In exchange for cooperating with prosecutors, former JBS chairman Joesley Batista and his brother, chief executive Wesley avoided jail time.

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