Federal prosecutors in Brazil have charged JBS S.A., its holding firm J&F Investmentos, and 14 other individuals for alleged fraud.
Prosecutors allege the parties conspired in the approval of investments and loans by national development bank BNDES between 2007 and 2011.
The Brazilian Federal Prosecutor’s office has charged payment of $5 billion in damage compensation and fines for the alleged crimes.
“JBS is absolutely convinced that all business with BNDES was done with total transparency, seriousness and fairness,” the company said in response to the allegations.
