JBS parent company to pay $128 million fine for foreign bribery charges

K&F Investimentos, the Brazilian parent company to JBS SA and its American subsidiaries JBS USA and Pilgrim’s Pride, has pleaded guilty to U.S. foreign bribery charges and will pay $128.25 million in criminal fines, Reuters reports. J&F is paying only half of the $256.5 million fines levied due to settlements made with Brazilian authorities three years ago.

J&F executives admitted to bribing more than 1,900 politicians to advance their business interests, including JBS’s expansion, and secure low-cost financing from state-run banks. U.S. prosecutors stated that the bribes J&F executives paid to high-level government officials exceeded $150 million, which generated $178 million in profit for the company, reports Reuters.

Source: Reuters

KEYWORDS: jbs

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