CVM recognizes prescription and ends process against Joesley Batista

The Board of the Brazilian Securities and Exchange Commission (CVM) decided, by two votes to one, that the sanctioning process against businessman Joesley Batista for alleged price manipulation of JBS shares was prescribed. Batista is one of the partners of J&F Investimentos, the controlling company of JBS, among other giants. With the prescription, the process was extinguished without a resolution on the merits. The judgment was held on Thursday. Voting in favor of the prescription were the rapporteur of the process, the interim president, Otto Lobo, and the director João Accioly. Director Marina Copola declared herself unable to participate, and the superintendent of Strategic Risk Supervision, Luís Felipe Lobianco, participated as a substitute director. He presented a statement of vote in which he disagreed with the rapporteur's conclusions, voting for the condemnation to a fine of R$ 150 million for the accusation made. The suspicious operations were carried out in April 2010 ...