Operation PF clears misuse of privileged information by JBS

The PF meets three search warrants in the companies of JBS group and four coercive conduct warrants.
09/06/2017 12h22 - Updated 9/06/2017 12h22
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The Federal Police (PF) broke out early on Friday (9) the Achilles tendon operation to determine whether there was misuse of privileged information by companies JBS and FB Investments in financial market transactions that occurred between April and May this year. The action is coordinated with the Securities and Exchange Commission (CVM).

The PF meets three search warrants in the companies of JBS group and four coercive conduct warrants, issued by the 6th Federal Criminal Court of São Paulo, at the request of the Federal Police. The police investigation was opened in 19 of April, after PF have knowledge of the Notice to the Market No. 02/2017 give CVM, which made public the establishment of five administrative proceedings to determine these facts.

The investigation of the Achilles tendon operation clears two events: the sale of shares issued by JBS S / A on the stock exchange, by its parent, the company FB Participações S / A, end of the month April; and the purchase of futures contracts in dollar futures exchange and the dollar forward contracts in the OTC market, between late April and mid-May 2017.

In the first case, the period was concurrent with the company's share buyback program, restarted in February 2017. In the second event, according to PF, there is evidence that these operations occurred with the use of insider information, "Generating undue advantage in the capital markets in a context where almost all investors had financial losses", informs known as PF.

The investigation may be held responsible for the crime under Article 27-D of Law 6.385/76, which carries penalties of one to five years of imprisonment and a fine of up to three times the amount of the illicit advantage obtained.

The PF and CVM working in cooperation since 2010, when an agreement was signed between the two institutions, to combat unlawful acts against the capital market.

Source: Agency Brazil

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