May 15, 2017 |
Brazil's Federal Police said it is investigating possible fraud by the national development bank BNDES for investments in "a large company in the animal protein sector."
The bank's private equity division, BNDESPar, spent BRL8.1bn ($2.6bn) for stakes in perishable food companies from June 2007. The investments were not backed by guarantees and cost the government BRL1.2bn ($384m) in losses, the police said in a statement.
BNDESPar first invested in the local meatpacker JBS in June 2007 and no
Development bank is suspected of losing $384m in public funds through its investment in meatpacker JBS