Rio de Janeiro: Brazilian President Michel Temer on Saturday attacked the billionaire whose secret recording of a conversation between the two men has fuelled a corruption scandal leading to widespread calls for Temer's resignation.

In a brief but combative television address to the nation, Temer levelled explosive charges against his accuser of insider trading and manipulation of the audio tapes.

Brazilian President Michel Temer delivers a new statement following the release of a tape allegedly demonstrating him condoning bribery payments. Credit:Getty Images

Temer contended that Joesley Batista, 44, an heir to the JBS global beef empire, profited immensely from currency and stock trades in the days before the recording was made public. The president insisted he would not quit despite facing an uproar over their taped discussion about obstructing graft inquiries.

"He committed the perfect crime," Temer, 76, said of Batista, accusing him of lucrative trades in futures markets after negotiating a plea deal with investigators. The president also called Batista a "criminal", claiming he had fled to New York.