JBS Faces Another U.S. Listing Stall Following Repeated Corruption Exposures
New York, NY (February 22, 2024) – Ban the Batistas Executive Director Kimberly Spell issued a statement today in light of the news that JBS SA will postpone its attempt to list publicly in the United States until the latter half of 2024.
“JBS knows its IPO is in trouble as more investors, regulators, and elected leaders raise questions about the corrupt history of the Batistas. The decision to delay the IPO and allow more shareholders to vote on the move speaks to the growing unease surrounding JBS’s corporate governance malfeasance.
Not only is JBS currently the subject of an active DOJ investigation and facing multiple lawsuits amid allegations of price-fixing, child labor violations, and wage suppression, but a U.S. dual listing would grant the Batista brothers with 90 percent stake in the company. This web of corruption demonstrates that the risks of doing business with the Batistas far outweigh any positives for responsible investors.
The delay serves as a stark reminder of the risks associated with doing business with foreign-owned companies that prioritize profit over ethical conduct, but we must continue our fight for an outright denial of this listing, which, if approved, would pose a threat to both local food eco-systems and U.S. markets.
Ban the Batistas will continue to monitor developments closely and hold JBS accountable for its bribery, labor violations, and anticompetitive practices, all in the interest of safeguarding American investors, farmers, and consumers.”
The push for a listing on the New York Stock Exchange, initially set for 2017, was derailed following JBS’s involvement in one of the most significant corruption scandals globally. Last month, a group of 15 bipartisan U.S. Senators urged the Securities and Exchange Commission (SEC) to protect U.S. stakeholders from these risks, echoing concerns from UK legislators who also requested the SEC reject JBS’s IPO application due to environmental issues.
