The regulator directed Reuters to the page on its website in response to questions about a report in newspaper Valor on Wednesday that the CVM has accused Molina of insider trading over Marfrig's 2018 acquisition of a majority stake in National Beef announced on 9 April 2018.

The CVM document showed that the alleged insider trading involving Marfrig shares occurred before the 9 April filing. The probe began in March last year, the document showed.

According to the Valor report, the CVM found that Molina snapped up shares in Marfrig prior to the 9 April 2018, announcement of a deal with Leucadia National Corp to take a 51% stake in National Beef. Marfrig's shares rose nearly 20% after the announcement.

In a statement, Marfrig said Molina "fulfilled his fiduciary duties towards Marfrig" by not buying or selling any of the company's shares between 6 March 2018, and 9 April 2018, adding that "there was no irregular operation."

Molina's efforts to seek a settlement "will be analyzed," the CVM said in a statement. "If accepted, the case can be closed. If rejected, the case continues for trial," it added.

In another high-profile deal this past week, Marfrig bought a 24% stake in poultry and pork processor BRF SA in what Molina said was a passive investment.

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