JBS, the Brazilian-based conglomerate, the largest distributor of meat and the largest food company in the world, is seeking to list its stock on the New York Stock Exchange, but rewarding the scandal-plagued foreign company with a U.S. IPO would be a mistake. A bipartisan group of lawmakers has urged the SEC to take a closer look at the IPO proposal, given the track record of J&F Investimentos, the holding company behind JBS controlled by brothers Joesley and Wesley Batista. It appears that the company has made much of its wealth via the manipulation of the Brazilian legal system, to the detriment of many U.S. firms.
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