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CVM opens case against Wesley Batista and Eliseo Fernandez of JBS

Brazil's securities commission (CVM) has filed an investigation of Wesley Mendonça Batista, CEO of JBS, and Eliseo Santiago Perez Fernandez, managing director at the company. The investigation is to look at liability for the two executives for two breaches of articles of Corporation Law.

The CVM cites article 154, which states that the requirements, constraints, compensation, duties and responsibilities of directors apply to directors and officers. It also cites article 245, which says that "administrators cannot, to the detriment of the company, promote an affiliate, parent company or subsidiary."

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