Panel SA: BRL 543 million in agreement on Wesley and Joesley’s accusations is a pittance, says investor association

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Panel SA: BRL 543 million in agreement on Wesley and Joesley’s accusations is a pittance, says investor association

Aurelio Valporto, president of Abradin (Brazilian Association of Investors), reacted after signing the R$ 543 million agreement that J&F will have to pay JBS for damages and losses caused by the accusations of Joesley and Wesley Batista in Lava Jato. According to him, the more than R$ 500 million are a “crumb”.

For Valporto, the agreement was detrimental to minority shareholders and was far from fulfilling the repair of the damage that the scandals caused to the company, meeting only the objective of closing the case.

It would be, in his words, a “Zé with Zé” agreement, led by the J&F holding with the management of JBS, the group’s company. “There are billions of reais that were diverted from the company via corruption and via the incorporation of the Bertin meatpacking plant”, he says.

Valporto claims that the amount should reach billions and that this agreement only diverts attention from another arbitration, proposed by him, to defend greater value.

It also states that it awaits an appeal and plans other measures to challenge the outcome in court. “The biggest minority affected is the BNDES, represented by the Brazilian people. That they replace the people and the other minority shareholders, instead of this trifle”, he says.

Sought by Panel SA, JBS and J&F did not comment on Abradin’s statements.

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