A new postponement will keep the case of the R$ 1.1 million fine imposed by the CVM on Joesley and Wesley Batista in 2020 stopped for a while longer because the family made personal use of a JBS plane.
The brothers are appealing to the CRSFN (Council of Resources of the National Financial System). But the body has, successively, failed to include the case on the agenda of its trial sessions. At the last opportunity, in November, the board said it was scheduled for the next session, on February 8 and 9, however, it did not enter.
There was also a request for views from the councilor-president Adriana Teixeira de Toledo last year.
If it takes more than five years (from the first instance decision), the entire process is time-barred.
Sought by the SA Panel, the CRSFN claims that there is no risk of statute of limitations in the case. He also says that because of the holidays and some sick leave it was not possible to include him in this session, but he will be included at the first opportunity, after the conclusion of the analysis and everyone’s manifestation.
“The process is still under analysis by the various councilors who made a dissenting vote from the rapporteur”, says the body in a note.
The flight, which was revealed by Folha in 2017, served to take Joesley’s relatives to the US after the businessman’s plea bargain.
The fine was determined by the CVM in July 2020, but the Batista brothers challenged it on the board in early 2021. It was a R$400,000 penalty to Joesley for using the JBS jet for private interests. And two other CVM infractions, totaling R$ 700 thousand, were destined to Wesley for authorizing the use of the plane by his brother, in addition to not having adopted the procedures required in the decision.
The use of the property of a publicly traded company, as is the case of JBS, for the controller’s private purposes unrelated to the interests of other shareholders is considered bad corporate governance practice and indirectly harms other shareholders of the company.
with Andressa Motter e Ana Paula Branco
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