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Brazil's J&F Investimentos agrees to pay 10.3B reais fine for corruption scandal

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Brazil's J&F Investimentos agrees to pay 10.3B reais fine for corruption scandal

Brazil-based holding company J&F Investimentos has agreed to pay authorities a fine worth 10.3 billion Brazilian reais for its involvement in the country's sprawling corruption scandal, El Economista reported.

J&F Investimentos is a majority shareholder in meatpacking giant JBS SA, whose executives are accused of paying out bribes in relation to loans and pension funds from Banco Nacional de Desenvolvimento Econômico e Social, or BNDES, parts of which were allegedly used as campaign donations to current and past presidents.

In a statement, prosecutors from five corruption investigations said J&F Investimentos will pay the fine within 25 years, starting in December. The fine is the largest of its kind in the world, the prosecutors said, which is equivalent to some $3.2 billion.

The holding company was reportedly able to reduce the fine by 900 million reais after its three previous proposals were rejected.

Most of the fine, which amounts to 8 billion reais, will be divided up and allocated to BNDES, the workers' compensation fund called FGTS, two pension funds for employees of state-controlled companies and Caixa Econômica Federal, the report noted.

As of May 30, US$1 was equivalent to 3.27 Brazilian reais.