Amid Scandal, JBS Names New Chairman

May 31, 2017 09:24 AM

Ensnared in an enormous corruption scandal, Brazilian president Michel Temer has vowed to serve out his term until the 2018 election. But many doubt Temer’s confidence.

“The government is hanging from a thin thread,” Jimena Blanco, head of Latin America research at Verisk Maplecroft, told the Financial Times. Brazilian's confidence in their government is diminished by the fact the latest scandal comes less than a year after former president Dilma Rousseff was impeached.

Temer’s corruption was revealed two weeks ago when Joesley Batista, the former chairman of JBS SA, the world’s largest meat packer, released a secretly recorded conversation he had with Temer allegedly discussing bribes to be paid to the Brazilian politicians including the president.

Since that revelation, Batista and his brother, CEO Wesley Batista, have resigned their positions. Read more from Drovers.

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