Law firm Loyens & Loeff under fire over JBS Dutch links
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Environmental campaign group Greenpeace is demanding that civil law firm Loyens & Loeff reconsider its role in aiding the IPO of Brazilian meat processing company JBS via a Dutch link.
JBS plans to list on the New York Stock Exchange using a Dutch NV and relocate its corporate headquarters to the Netherlands.
However, Greenpeace says, Loyens & Loeff must assess whether it is appropriate and in line with its professional duties to continue providing legal services to JBS, given the company’s “long-standing links to corruption, deforestation, climate-wrecking emissions, and human rights abuses.”
JBS is the largest meat processing firm in the world, with a workforce of 272,500 and a turnover of $75.5 billion in its most recent fiscal year.
Greenpeace’s lawyer, Frank Peters from Amsterdam law firm Rubicon Impact & Litigation, said Loyens & Loeff risks breaking the law if it helps JBS with its flotation plans. The Dutch regulators have also been alerted.
NVs are a popular legal structure for family firms because they allow share issues with different voting rights, enabling families to sell shares while retaining control.
According to the Financieele Dagblad, Joesley and Wesley Batista, the brothers who control JBS, have expanded their voting rights in the Dutch NV from 48% to 85%.
JBS and Loyens & Loeff have not yet commented on the demands.
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