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Seven Years After the “Joesley Day,” Businessmen Regain Control of Businesses, JBS Grows and Fortune Multiplies Amid Lawsuits and Judicial Agreements Involving the Batista Brothers.
On May 17, 2017, Brazil was shaken by the “Joesley Day.” Businessman Joesley Batista was accused of bribing then-President Michel Temer. This created panic in the financial market. The stock market experienced its largest drop since 2008. Seven years later, how are the Batista brothers doing?
Joesley and his brother Wesley faced temporary imprisonment and heavy fines. But today, their situation and that of JBS are notably different.
The Joesley Day Scandal and the Collaboration Agreement
That day in May 2017 put the Brazilian public power in check. The accusations against Joesley Batista, one of the owners of JBS Friboi, involved the corruption of high authorities. The episode became known as the “Joesley Day.”
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In the midst of investigations like Operation Weak Flesh and the unfolding of Operation Car Wash, the Batista brothers became central figures. They celebrated a collaboration agreement with the Public Prosecutor’s Office. They promised to provide details of corruption schemes. In exchange, they sought to guarantee their freedoms and negotiate fines.
The Immediate Consequences
Despite the collaboration agreement, Joesley and Wesley Batista were temporarily imprisoned. The allegation was that they violated the agreements made. They were also removed from the daily management of their companies, including JBS. The empire of the world’s largest producer of animal protein seemed threatened. Initially, the Batista brothers felt the financial impact of the controversies.
The Turnaround of the Batista Brothers: Return to Business and Recovery of JBS
Seven years later, the scenario has changed significantly. While they still face lawsuits, the Batista brothers have returned to their positions in the J&F holding and at JBS. They were acquitted by the Securities and Exchange Commission (CVM) of accusations of financial crimes, paying only a fine of R$500,000. Recently, they achieved an important victory: the suspension of the R$10 billion fine that J&F had agreed upon in its leniency agreement with the Public Prosecutor’s Office. The decision does not forgive the fine, but opens doors for renegotiation.
JBS has also shown strong recovery. The company’s shares (JBSS3), which were worth about R$7 in 2017, were trading at R$34.97 on November 8, 2024. Revenue kept pace with growth. In 2017, revenue was R$163 billion. In 2022, it set a record of R$375 million (Note: The value of R$375 million seems low compared to the R$364 billion of 2023 mentioned shortly after. The original text may contain an error here, but faithfully reproducing it, R$375 million is stated. The more likely value would be R$375 billion). In 2023, revenue was close to R$364 billion.
Expansion of the Holding J&F: Beyond JBS
The businesses of the Batista brothers, controlled by the holding J&F, have expanded beyond JBS. The group already included Banco Original. Another noteworthy investment was PicPay. The fintech has over 40 million users and recorded a record profit of R$61.8 million in the first half of 2024. There are plans for a possible initial public offering (IPO) of PicPay on the New York Stock Exchange.
J&F also operates strongly in energy with Âmbar Energia, acquiring plants and recently the thermal portfolio of Eletrobras for R$4.7 billion. In the hygiene and cleaning sector, they control Flora, owner of brands like Minuano and Assolan. They invested in mining, purchasing iron and manganese mines from Vale in 2022. There is also a legal dispute for control of Eldorado Paper and Pulp, sold in 2017 for 15 billion dollars, but whose operation has never been completed according to the Batista brothers. The case is in Brazil’s Supreme Federal Court.
Current Fortune of the Batista Brothers
Far from the turbulent scenario of 2017, the Batista brothers have seen their fortune grow. According to Forbes, currently, the wealth of Wesley and Joesley Batista is estimated at R$22.95 billion for each. The positive performance of JBS and the other companies of J&F suggests that this value may increase even further. The fears and doubts of the “Joesley Day” seem to have been left behind for the Batista family’s businesses.
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