Eike Batista, formerly Brazil’s richest man, was sentenced to an additional eight years and seven months of prison time this week for insider trading. Batista, 62, had already been convicted for paying US$ 16.6m to get government contracts as part of a sprawling corruption probe known as Carwash and sentenced to 30 years, which he is serving under house arrest.
A Brazilian judge ordered the release of ex-billionaire Eike Batista late Saturday after he was detained for violating the terms of his house arrest, local media reported.
Police in Brazil on Thursday arrested Eike Batista, the charismatic mining and oil magnate who was once the country’s richest man, on suspicion of money laundering and insider trading.
Eike Batista, once the richest man in Brazil, has been fined around US$134 million for insider trading, the securities commission said on Monday as the ex-billionaire remains under house arrest pending an appeal against a 30-year jail sentence.
A Brazilian businessman famous for amassing and then losing a multi-billion-dollar fortune has been convicted of corruption and money laundering and sentenced to 30 years in prison.
Former Brazilian billionaire Eike Batista on Monday turned himself in to police in Rio de Janeiro on Monday on charges related to the Petrobras corruption scandal. He was detained shortly after arriving from New York.
Just a few year ago, flashy Brazilian billionaire Eike Batista was bragging that he would soon overpass Carlos Slim as the world's richest man. He even liked to show visitors his Mercedes-Benz McLaren parked right in the living room of his mansion. But his fall has been deep and fast.
Two days ago, former Brazilian billionaire Eike Batista crossed a line. He started to default on a 45 million dollars interest payments on his oil and gas company, OGX's, bonds. The default will be official on October 30th, according to Bloomberg. That leaves bondholders, like PIMCO, the largest bond fund in the world helmed by legendary investor Bill Gross, taking a massive hit. And what's worse is that there could be more to come, according to the Wall Street Journal.
Brazil’s main stock exchange Bovespa is implementing changes to its benchmark Ibovespa stock index, the first since 1968, in an effort to correct recent distortions and better reflect the performance of local shares.
A major Chinese steelmaker has scrapped a plan to build a five-billion-dollar factory in Brazil due to high costs and a slump in global prices for the metal, state media said Tuesday.