Jamaica Broilers Group (JBG) is leaving no stone unturned in its quest to recover billions of dollars lost in a multi-year fraud at its US meat division. President and CEO Chris Levy has emphasized that all options, including potential legal action, are on the table to hold those responsible accountable. The company, now stabilized by a new management team and a pending $24-billion refinancing deal, is focused on repairing its balance sheet and seeking redress for the scandal, which forced $46 billion in adjustments. Levy acknowledged the complexity of the situation, stating, ‘No option is off the table,’ while highlighting tax opportunities as a concrete avenue for financial recovery. The company has quantified potential tax benefits and is working to restate its tax positions, though this will involve intricate negotiations with tax authorities. The fraud, described as a ‘coordinated and deliberate’ effort by former US operations leadership to hide costs and inflate profits, was uncovered by a whistleblower. Senior Vice President Ian Parsard revealed that the company is eyeing close to $30 billion in potential tax credits, with even a third of that amount significantly boosting shareholder equity. This recovery effort is crucial to rebuilding JBG’s shattered equity base, recently bolstered by a $40-billion revaluation of its Jamaican assets. Levy assured stakeholders that the internal investigation is complete, but the external mission to seek justice and financial recompense remains a top priority, signaling a potentially protracted next chapter in the JBG fraud saga.
