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CORRECTED-Brazil court finds misuse of public funds in BNDES' purchase of JBS stock
October 18, 2017 / 7:16 PM / a month ago

CORRECTED-Brazil court finds misuse of public funds in BNDES' purchase of JBS stock

(Corrects Oct 18 story to remove erroneous reference to purchase of National Beef Packing Company; corrects to say that JBS bought a unit of Smithfield Foods rather than the entire company)

BRASÍLIA, Oct 18 (Reuters) - Brazil’s federal audit court (TCU) has found the purchase of shares of meatpacker JBS SA by state development bank BNDES in 2008 irregular and harmful to public coffers, the court said on Wednesday.

The transaction helped JBS acquire assets in the United States, including Smithfield Foods’ beef processing unit. The court said Guido Mantega, a former finance minister, and Luciano Coutinho, a former BNDES president, were responsible for the share purchase and demanded they explain. (Reporting by Leonardo Goy; Writing by Ana Mano, editing by G Crosse and Dan Grebler)

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