After three years of silence, the confrontation between JBS and BNDES comes alive. The public bank located in Brazil and shareholder of the meat multinational, charges again: they demand an extraordinary board meeting (AGE) to discuss the refund demand for shareholders “bterayed” by the previous management. The demand has been made after the Lava Jato and Carne Fraca cases erupted. Moreover, specifically to the role played by Joesley and Wesley Batista, at the time shareholders of J&F Investimentos and head of JBS.
BNDES comes charging again
Press source Valor Econômico reported that BNDES had already made such demand in 2017 to discuss reimbursements. While the majority shareholders had brought a suit in Court against the demand, the legal system has now awarded the investment bank. That’s why BNDESPar, subsidiary through which the bank manages the 12.6 billion real share, has already deposited a formal request to make the extraordinary board meeting happen.
Lighting the fire
Brazilian press also reported the position of BNDES. From legal documents we learned that “million of real were diverted, by the company, to pay for bribes”: minority shareholders were not just kept in the dark regarding this situation that benefitted the Batista family, but were also damaged by their conduct. During the course of the extraordinary board meeting, the Brazilian bank hopes to convince shareholders to refund the amounts and later quantify the damage done.