JBS Market Value Drops by R$ 1 Billion

09/19/2017 - 10h53

JBS stocks fell by 3.95% on Monday (the 18th), closing at R$ 8.50 (US$ 2.71), while JBS's market value fell by almost R$ 1 billion (US$ 320 million).

The company, which had been evaluated at R$ 24.149 billion (US$ 7.690 billion) on Friday (the 15th), was evaluated at R$ 23.194 billion (US$ 7.386 billion) after markets closed on Monday: a R$ 955 million drop (US$ 304 million) in terms of market value.

Ever since May 17th, when Joesley Batista's testimony was leaked, the company's market value has depreciated by R$ 2.73 billion (US$ 870 million).

JBS stocks plummeted after the company's administrative council appointed company founder José Batista Sobrinho - who is known as "Zé Mineiro" - as CEO, replacing Wesley Batista, who was arrested last Wednesday (the 13th).

In light of Wesley Batista's arrest, markets had been expecting JBS to move in a more professional administrative direction.

Instead, the company appointed someone with close ties to Wesley and Joesley Batista, both of whom have been enmeshed in a series of scandals ever since Joesley's testimony was leaked back in May.

Translated by THOMAS MATHEWSON

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	Marcelo Justo/Folhapress
	Wesley Batista, owner and CEO of JBS, was arrested on Wednesday morning (the 13th) in São Paulo