In 2017, J&F Investimentos SA, a holding company owned by brothers Joesley and Wesley Batista, agreed to sell its flagship asset Eldorado Brasil Celulose SA to Netherland-based Paper Excellence, managed by Jackson Widjaja, grandson of the late Eka Tjipta Widjaja. But the deal quickly turned sour. J&F canceled the deal. It argued that Paper Excellence did not comply with the conditions to close the deal. Paper Excellence went to court, and the court sent the decision to arbitration. Recently, the arbitrators reportedly ruled in favor of Paper Excellence.
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