July 19, 2017 / 11:59 PM / 2 years ago

Brazil securities watchdog opens forex probes against J&F units

SAO PAULO (Reuters) - Brazil’s securities watchdog CVM has opened two probes into foreign exchange transactions by units of J&F Investimentos, which has been at the center of a corruption scandal.

The probes will investigate financial dealings by pulpmaker Eldorado Brasil Celulose SA and by a subsidiary of meatpacker JBS SA, Seara Alimentos Ltda. The transactions occurred before the release of a plea deal by J&F controlling shareholders, Joesley and Wesley Batista, with Brazilian prosecutors in a corruption probe.

Brazil’s securities watchdog is conducting 12 other investigations into possible irregularities by other J&F-controlled companies. Some of them relate to possible insider trading by JBS SA and Banco Original, CVM said in a statement.

Reporting by Tatiana Bautzer

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