Police arrest CEO of world's largest meatpacker

Police have arrested the CEO of the world's largest meatpacker on suspicion of manipulating financial markets.

Continue Reading Below

Police and a representative of meatpacking giant JBS say Wesley Batista was taken into custody on Wednesday in Sao Paulo.

Batista and his brother Joesley, the former chairman of JBS, have both entered plea bargain agreements in which they testified that JBS paid bribes to scores of politicians, including President Michel Temer. Temer denies wrongdoing.

But Wesley's arrest Wednesday related to suspicious trading in JBS shares and an unusual purchase of dollars by the company that resulted in large gains.

A warrant for Joesley's arrest was also issued, but the executive has been in custody since Sunday. He turned himself in after questions arose about whether he had withheld information during his plea testimony.

Continue Reading Below

Outbrain