The Justice Department claimed J&F made over $148 million in corrupt payments to top Brazilian government officials and a then-high-ranking executive at Banco Nacional de Desenvolvimento Econômico e Social (BNDES) between 2005 and 2014. BNDES is a state-owned and state-controlled bank.
In exchange for the bribery, J&F obtained hundreds of millions of dollars in financing from BNDES.
Additionally, the DOJ stated that & paid bribes worth more than $4.6 million to and for the benefit of a high-ranking executive of Fundação Petrobras de Seguridade Social (Petros). In exchange, the investment firm received Petros’ approval for a significant merger for its benefit. Petros is a state-controlled pension fund.
Furthermore, the Justice Department claimed that J&F paid around $25 million in bribes to a high-ranking official in Brazil’s legislative branch to secure hundreds of millions of dollars of financing from Caixa Econômica Federal (Caixa), a state-owned and controlled bank.
J&F executives used New York bank accounts to facilitate the bribery scheme and to make corrupt payments, according to the Justice Department.
J&F settled SEC charges for $26.8 million
Separately, the Brazilian investment firm reached a settlement agreement with the SEC in a related matter.
