JOSÉ BATISTA SOBRINHO helped build Brasília. In 1957 his meat business supplied canteens that fed workers constructing Brazil’s modernist capital. Now his two youngest sons, Wesley and Joesley, are bringing the place down. As the bosses of the company their father founded, renamed JBS in his honour, they are at the centre of a scandal that may force a president out of office for the second time in a year (see article).
JBS is the world’s biggest beef exporter. Its revenues rose from 3.9bn reais ($1.8bn) in 2006 to 170bn reais last year, helped by China’s appetite and Brazil’s enthusiasm for national champions. From 2007 to 2015 the development bank, BNDES, injected into Batista enterprises more than 8bn reais in capital and loans. Most of it was to help JBS buy rivals, including American brands like Swift and Pilgrim’s...Continue reading
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