After Corruption Fallout JBS and Its Founders Target Global

(Analysis) Brazilian meat giant JBS began trading on the New York Stock Exchange (NYSE) on June 13, 2025, after minority shareholders approved a dual listing plan in May.

JBS, founded 72 years ago, now operates in 24 countries and supplies over 330,000 customers in more than 190 nations. The company employs more than 260,000 people worldwide, with 60% of its workforce in Brazil.

JBS is America’s largest beef producer and the second-largest poultry and pork producer, with more than half its revenue coming from the U.S. JBS’s dual listing aims to unlock shareholder value, broaden investor access, and reduce borrowing costs.

The company argues that being listed on both the NYSE and São Paulo’s B3 exchange will help finance growth, diversify its product line, and improve transparency.

The U.S. Securities and Exchange Commission approved the listing, which also subjects JBS to American regulatory oversight. The return of Joesley and Wesley Batista to JBS’s board marks a striking comeback.

Less than a decade ago, authorities jailed both brothers for their role in Brazil’s Operation Car Wash corruption scandal. They admitted to paying $220 million in bribes, implicating more than 1,800 politicians and leading to the impeachment of a president.

JBS and its holding company, J&F, paid billions in fines in Brazil and the U.S. for bribery and corruption. In 2023, Brazil’s Supreme Court suspended a $2 billion penalty against J&F, citing bias by prosecutors. The case remains under review.

JBS’s record includes major political donations. Its U.S. subsidiary, Pilgrim’s Pride, donated $5 million to Donald Trump’s 2017 inaugural committee, the largest single corporate contribution that year.

This donation drew scrutiny from U.S. lawmakers, who questioned whether it influenced regulatory decisions, including the NYSE listing. The company’s expansion relied heavily on loans from Brazil’s state development bank, BNDES.

These loans, often on favorable terms, helped JBS finance a $20 billion global buying spree. Brazil’s audit court found that BNDES lost 267 million reais on one such deal and waived a 345 million-real penalty for JBS.

JBS faces criticism from environmental groups for breaking deforestation pledges and for its supply chain’s links to illegal Amazonian deforestation.

In 2017, authorities fined JBS $7.7 million for knowingly buying cattle raised on illegally cleared land. In 2021, the company’s greenhouse gas emissions exceeded those of Italy.

Despite these controversies, JBS’s financial performance remains strong. In the first quarter of 2025, the company reported net revenue of $19.5 billion, up 8.5% year over year, and a net profit of $500 million, up 50.5%.

The company plans to maintain $2 billion in capital expenditures and expects growth in value-added products. JBS’s dual listing and the Batista brothers’ return highlight how business influence and strategic investments can help a company recover from scandal.

These moves have also enabled JBS to expand globally. The company’s story raises questions about corporate governance, political influence, and environmental responsibility in the global food industry.