Brazilian meatpacker to pay fine of more than $3 billion

MarketsAssociated Press

Brazilian meatpacking giant JBS has agreed to pay a fine of more than $3 billion for its role in a corruption scheme involving pension funds.

The Federal Prosecutor's Office says the agreement was reached Tuesday night and that the fine will be paid over 25 years.

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JBS executive Joesley Batista is at the center of the political crisis engulfing President Michel Temer. In a secret recording Batista made in March, Temer appears to be condoning the payment of hush money to the imprisoned former Speaker of the House Eduardo Cunha.

The recording and the revelation of kickbacks to more than 1,800 politicians are part of the plea bargain signed by the Joesley Batista and his brother Wesley, also a top executive at JBS.