October 10, 2017 / 5:29 PM / 2 years ago

Brazil prosecutors charge Batista brothers with insider trading

Brazil's billionaire businessman Joesley Batista arrives at Federal Police headquarters in Brasilia, Brazil, September 11, 2017. REUTERS/Adriano Machado

SAO PAULO (Reuters) - Brazilian prosecutors on Tuesday charged brothers Wesley and Joesley Batista, the controlling shareholders of JBS SA (JBSS3.SA), the world’s largest meatpacker, with insider trading and market manipulation.

Prosecutors said in a statement that the Batistas carried out stock and foreign exchange transactions between March 31 and May 17 using information they had on the contents of their plea deal in a corruption case.

Prosecutors say the Batistas made a profit of 100 million reais ($32 million) with foreign currency transactions ahead of the release of the plea deal and avoided a loss of 138 million reais by selling the company’s shares.

Reporting by Lais Martins; Writing by Tatiana Bautzer; Editing by Jonathan Oatis

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