Will Jamaica Broilers pursue criminal or civil charges for billions of dollars of fraud in its US operations?

Jamaica Broiler’s Group CEO Chris Levy hasn’t ruled out pursuing a criminal case following the exposure of massive accounting irregularities that have cost the company billions.  He said this on my show Taking Stock.

JBG reported a $7 billion loss for the 2025 financial year ended May 3, 2025.  This was caused by a $9 billion loss in its US business. 

Now it’s gonna be an awkward Thanksgiving for the Levy’s, since Steven, Chris’s younger brother, was the one running the US business.  Steven and the entire US leadership has since been fired.

Now although the auditors described it as fraud, Levy explained that it’s not that someone stole nine billion dollars.  However, there was clearly gross mismanagement and deception to cover up the losses.

The issue only came to light after a whistle-blower tipped them off and its executive team uncovered major accounting irregularities in its US operations. That prompted a whole forensic overhaul.  They ended up restating four years worth of financials which caused a staggering J$46 billion in balance-sheet losses. 

Although, I should point out that our Taking Stock analyst raised this very issue four years ago, which was right when the issue started.  So if you’re not watching Taking Stock, are you really serious about your investments?

Now, as part of its recovery plan, Levy said the company is considering selling the meat-processing arm of the US business. However, that doesn’t mean they would leave the US market completely.  They do still have a thriving egg business, but that sale would help reduce their debt.

I would encourage you guys to watch the full Taking Stock interview on YouTube for the full context.

Levy said he knows JBG has a lot of work to do to rebuild trust but they’re taking the right steps. There’s a new management team in place, they’ve changed auditors, implemented stricter controls and a full financial-governance review is underway. 

And that’s the bottom line.