The Federal Police’s Operation Bullish investigated irregularities in transactions carried out by the Brazilian Development Bank (BNDES) during JBS’s acquisition of the U.S. company Pilgrim’s Pride and the incorporation of the Bertin meatpacking plant, along with Swift Argentina, Swift USA, National Beef, and Smithfield. The investigation, as reported by the Federal Public Prosecutor’s Office (Ministério Público Federal – MPF), indicated that JBS obtained public funds more easily after hiring consultants linked to former Finance Minister Antonio Palocci, in a scheme that also involved BNDES employees.
In December 2019, the MPF requested compensation for damages caused by JBS and BNDES employees, totaling more than 21 billion Brazilian reais (around US$ 6.4 billion at that time). In 2024, however, Brazil’s Federal Court of Auditors (Tribunal de Contas da União – TCU) concluded that there was no evidence of irregularities in the bank’s operations.
