Wesley Batista, former CEO and co-owner of JBS SA, the world’s largest beef producer, was released from prison Wednesday, on a 3-2 decision by the Superior Justice Court in Brasilia. He spent almost six months in jail on charges of insider trading.
Wesley’s brother Joesley Batista, former JBS chairman, was also charged with insider trading after prosecutors revoked plea-bargain agreements made in May for the brothers involvement in political bribes .
Joesley also had his release ordered by the court but remains in prison under a separate order for allegedly concealing information during previous negotiations over a plea bargain.
Wesley has been banned from leaving the country and from participating in running his family’s companies or any other market activities. He will also have to wear an ankle monitor.
JBS was founded in Brazil in 1953 by the brothers father Jose Batista Sobrinho, where he processed just five head of cattle per day. The company grew to having packing plants in Australia, Europe, North America, and South America, producing meat sold to more than 105 countreis.
Since the scandals began, JBS has been divesting assets. JBS USA announced in January it plan to sell Five Rivers Cattle Feeding to Pinnacle Asset Management, L.P.
