Meat companies in Brazil lost the U.S. equivalent of $1.52 billion after the nation’s federal police announced an investigation into a tainted meat scandal.
Meat industry publication Meatingplace reports an economic measure of the losses discovered the declines that followed an investigation which stopped virtually all exports from Brazil for a brief time.
The bulk of the losses were attributed to JBS, SA, which lost the U.S. equivalent of $1.4 billion in market share in the month following the investigation.
Federal police in Brazil say meat inspectors were bribed to allow tainted meat to pass inspection for export.
Brazil’s Federal Police has charged 63 people for participation in the scheme.
The United States, while saying no tainted meat from Brazil reached U.S. borders, announced stepped-up inspection at the time, as well.