Panel SA: Fine of R$ 1 million to Joesley and Wesley Batista for using a JBS plane remains at a standstill

The case of the fine of R$1.1 million imposed by the CVM on Joesley and Wesley Batista in 2020 because the family made personal use of a JBS plane remains on hold.

The bottleneck is in the CRSFN (Resources Council of the National Financial System), where the brothers are appealing. But it has already left the agenda twice. Among the most recent movements was a request for views from the councilor-president Adriana Teixeira de Toledo last month.

CRSFN said it would “probably” be on the agenda for the next trial session, scheduled for early December. The agenda was released this week, however, again, without including the subject.

Sought by Panel SA, the agency now says that the new forecast is to enter the agenda of the next video session of 2022, which should only take place in February. If it takes more than five years (counting from the first instance decision), the entire process lapses.

The flight, which was revealed by Folha in 2017, served to take Joesley’s relatives to the US after the businessman’s award-winning denunciation.

The fine was determined by CVM in July 2020, but the Batista brothers challenged the board earlier this year. Joesley was given a R$400,000 penalty for using the JBS jet for private purposes. And two other CVM infractions, totaling R$700,000, were aimed at Wesley for authorizing his brother’s use of the plane, in addition to not having adopted the procedures required in the decision.

The use of the property of a publicly-held company, such as JBS, for the controller’s private purposes, unrelated to the interests of other shareholders, is considered bad corporate governance practice and indirectly harms other company partners.

with Andressa Motter e Ana Paula Branco