JBS CEO, chairman suspended in Brazilian fraud probe

Batista brothers probed for activity at family-owned holding company.

JBS S.A. chief executive officer Wesley Batista and his brother Joesley Batista, chairman of JBS S.A., have reportedly been suspended from their positions after Brazil's federal police launched an operation this week targeting fraudulent practices in four of the country's biggest public pension funds: Funcef, Petros, Previ and Postalis. The Batista brothers are also controlling partners in the family’s holding company, J & F Investimentos, which has been part of the probe.

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