WASHINGTON — Concerns from Congress regarding JBS S.A.’s potential initial public offering (IPO) in the United States continue to be brought forth, most recently from US Representative Harriet Hageman (R-Wyo.).

On July 12, Hageman sent a letter to Gary Gensler, chair for the US Securities and Exchange Commission (SEC), urging him to decline any development of the IPO.

“For years, JBS engaged in illegal activity to tighten its stranglehold over the global meat processing market,” she wrote. “Its criminal convictions make JBS a serious threat to US investors, the US agricultural community and access to affordable food.”

Charges against the company Hageman urged the SEC to consider include bribery and corruption while Joesley and Wesley Batista served as JBS executives.

The Batista brothers were banned from holding management positions in the companies owned by J&F after allegations of insider trading. However, four years ago they were cleared to return to leadership positions and later acquitted of insider trading. The brothers are back on the JBS S.A board of directors as of April this year.

Hageman also pointed to over $134 million amassed in settlements due to market manipulation and price fixing allegations against JBS within the past three years, adding that “to the best of our knowledge the company remains under investigation by the Department of Justice for similar allegations.”

The congresswoman requested the IPO be postponed until all outstanding legal claims and investigations against the company have been resolved so that the SEC can be certain JBS’s disclosures are accurate.

Hageman’s concerns follow those of a bipartisan group of senators. In January, the senators wrote to the SEC with their hesitation of a US IPO for JBS.

JBS previously attempted an IPO in the United States, with the most recent proposal occurring in 2017. The proposal was delayed following corruption charges against Joesley and Wesley Batista.

The most recent and current proposal was issued one year ago.

The company has been publicly traded in Brazil since 2007. With a dual listing, JBS seeks to accelerate diversification and growth in its global markets. The company said the move would not impact operational structures, including assets, supply chains and financial flows worldwide.