CVM acquits Joesley and Wesley Batista of insider trading charges

In May of this year, the body had already formed a majority for the innocence of the businessmen

Brazil’s Brazilian Securities and Exchange Commission (CVM) today (31) acquitted Brazilian businessmen Joesley and Wesley Batista of insider trading, a practice that involves the use of privileged information to operate in the financial market. The Batista brothers are shareholders in J&F Investimentos, Brazil’s largest business group, which controls companies such as JBS, the world’s largest food producer, Banco Original, Eldorado Celulose, Âmbar Energia and Flora.

In May, the collegiate had already formed a majority for acquittal, but a member of the board asked for views and cast the last vote on Tuesday, consolidating the acquittal of the businessmen on the three counts of insider trading. In one of them the decision was unanimous and in two by four votes to one.

For J&F Investimentos, “The decision undoes an injustice, attests to the full functioning of institutions in Brazil and reaffirms the integrity of the operations of the executives and companies of the J&F group in the financial market”

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