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2007-03-19 | permalink
GMO soy maker likely to be Brazil’s new Ag Minister
The president of Brazil’s largest soybean seed company, Odilio Balbinotti, will likely become Brazil’s new Agriculture Minister, according to political leaders with close ties to Balbinotti in congress.
Balbinotti owns Sementes Adriana, the largest individual seed company in Brazil and a licensed maker of Monsanto Co.’s (MON) Roundup Ready soybeans, a transgenic soy seed. [...] Soy farming has made Balbinotti a millionaire. He owns one of the most modern private biotechnology labs in Latin America. He also owns about 25,000 hectares of farm land, well above what his counterparts in Parana own. Parana farmers tend to own under 400 hectares. But there is another side to the would-be minister that could take him out of the running. He is currently being investigated for falsifying documents and consumer fraud in Mato Grosso. He says the charges are unfounded. That has some people in the market saying he is off to a bad start.
Overview
News
2007-03-19 | permalink
GMO soy maker likely to be Brazil’s new Ag Minister
The president of Brazil’s largest soybean seed company, Odilio Balbinotti, will likely become Brazil’s new Agriculture Minister, according to political leaders with close ties to Balbinotti in congress.
Balbinotti owns Sementes Adriana, the largest individual seed company in Brazil and a licensed maker of Monsanto Co.’s (MON) Roundup Ready soybeans, a transgenic soy seed. [...] Soy farming has made Balbinotti a millionaire. He owns one of the most modern private biotechnology labs in Latin America. He also owns about 25,000 hectares of farm land, well above what his counterparts in Parana own. Parana farmers tend to own under 400 hectares. But there is another side to the would-be minister that could take him out of the running. He is currently being investigated for falsifying documents and consumer fraud in Mato Grosso. He says the charges are unfounded. That has some people in the market saying he is off to a bad start.
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