Joesley and Wesley Batista found not guilty of insider trading

In May 2023, a majority had already been reached for acquitting both businessmen

RIO DE JANEIRO, Nov. 1, 2023 /PRNewswire/ -- The Brazilian Securities and Exchange Commission (CVM) acquitted today (the 31st) entrepreneurs Joesley and Wesley Batista of charges of insider trading, or the use of privileged information to operate the financial market. The Batista brothers hold shares in J&F Investments, the largest business group in Brazil, which controls companies such as JBS, the largest food producer in the world, as well as Banco Original, Eldorado Celulose, Âmbar Energia and Flora.

In May, the board had already reached a majority decision in favor of acquittal. However, one of the directors requested a review of the case files and cast her final vote today, confirming their acquittal on all three counts of insider trading. The verdict was unanimous for one of the charges and four to one on the other two.

J&F Investments declared that 'This decision rectifies an injustice, proves that Brazilian institutions are solid and reaffirms the integrity of the operations of J&F Group's executives and companies in the financial market.'