JBS Says Claims Over Beef Jerky Venture are Groundless
JBS SA (JBSS3), the world’s largest beef producer, said claims against its chief executive officer in a lawsuit filed in the Netherlands by a former venture partner are “groundless” and denied any wrongdoing.
A dispute between JBS and Link International Meat Products Ltd. was settled in March 2011 by the International Chamber of Commerce, Sao Paulo-based JBS said in a statement today. Jay Link, Link International’s controlling shareholder, “has lost every one of the lawsuits filed against JBS as the original decision by the arbitration chamber prevails.”
Link International and Jay Link filed a lawsuit in the Netherlands against JBS CEO Wesley Batista “for intentional corporate governance violations and other unlawful acts,” Link International said in a statement distributed by Business Wire yesterday.
JBS and Link International teamed up to form the Beef Snacks International venture in 2007, a beef jerky producer based in the Netherlands.
JBS climbed 1.2 percent to 6.04 reais at 2:24 p.m. in Sao Paulo. Earlier the stock rose to the highest intraday since July 5. Brazil’s Bovespa stock index dropped 1.9 percent.
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