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Packer and tanning group JBS has announced the sale of further assets to help it reduce debt and meet future obligations, including a fine of around US $3.2 billion, imposed on it by Brazil’s legal authorities for its part in a wide-ranging corruption scandal.
JBS’s recent run-ins with the authorities in Brazil, which political commentators have said could bring down the government and industry commentators have said could lead to the break-up of the world’s largest producer of beef and of leather, started a month ago.
The next destination of Leather Law Blitz is Rio de Janeiro. By the end of June, a team from the Centre for the Brazilian Tanning Industry (CICB) will visit nine cities in the state of Rio de Janeiro, verifying retail labeling on leather or synthetic pieces, in accordance with the Brazilian Law 4.888 / 65.
Over 2,000 stores, 22 shopping centers and 11 car dealerships were visited. A major operation was carried out in Minas Gerais to extend knowledge about Law 4.888 / 65, which determines that only articles made of animal skin can be called "leather".
Packer and tanning group JBS has given more detail of the $3.2 billion fine imposed on parent group J&F Investimentos.
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