Brazilian Meat Companies Lost $1.5 billion in Market Value After Meat Probe

by reports: 


Brazilian meat companies lost BRL4.78 billion ($1.52 billion) in market value from March 16 through April 17 after the Federal Police announced “Operation Weak Flesh,” according to consultancy firm Economatica. 

The biggest hit was taken by JBS whose market value dropped to BRL28.1 billion ($8.9 billion) as of April 17, down from BRL32.6 billion ($10.3 billion) a month earlier, equivalent to BRL4.5 billion ($1.4 billion) in losses.

News about the investigation into a corruption scheme involving public sanitary inspectors and some Brazilian meat processing plants on March 17 prompted many countries to temporary halt Brazilian imports. Brazil's Federal Police has charged 63 people for participation on Saturday (15).


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