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Tuesday
Jun272017

Brazil president charged with corruption

Brazil's chief prosecutor formally accused President Michel Temer of taking $11.5 million in bribes from a meatpacker in exchange for help resolving tax disputes and securing bank loans.

In a statement sent Monday to Brazil’s Supreme Court, Prosecutor-General Rodrigo Janot charged Temer with agreeing to take money from JBS SA.

Temer can't be put on trial in the Supreme Court unless Brazil's lower house of Congress authorizes the action.

In May, the parent company of Brazil meatpacking giant JBS agreed to pay a fine of about $3.2 billion spread over 25 years for bribing 1,900 local politicians.

During testimony for a leniency agreement, JBS executives said Temer took bribes to help resolve tax matters and to obtain loans for the company from state-run banks.

Temer has denied the allegations. He said Monday he would fight the latest accusations.

In August 2016, Brazil’s Senate removed President Dilma Rousseff from office. Temer took over after serving as her vice president.

The Senate charged Rousseff with manipulating the budget to hide a deficit and acting without authority.

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Richard L. Cassin is the publisher and editor of the FCPA Blog.