Businessman Eike Batista Is Fined US$133 Million for Insider Trading
His defense can contest the fines amount and length
May.28.2019 1:38PM
Raquel Landim
RIO DE JANEIRO
Brazil's Securities Commission (CVM) condemned businessman Like Batista on Monday (27) and fined him R$536 million (US$133 million) for "insider trading." Eike used privileged information when he traded shares of OGX petroleum.
He also cannot act as an administrator of a publicly-held company for seven years nor serve on a publicly-held company's board. The decision was unanimous and will be sent to the Federal Public Ministry. His defense can contest the 'fine's amount and the length of the penalty.
The CVM investigated Eike after a Folha report in November 2013 showed that the administrators of OGX knew, since July 2012, that the petroleum oil reserves did not amount to what had been shared with the public.
Back then, Eike tweeted to his 1.3 million followers urging shareholders to keep their shares, knowing that the main oil fields of his company were not viable.
More:
https://www1.folha.uol.com.br/internacional/en/business/2019/05/businessman-eike-batista-is-fined-us133-million-for-insider-trading.shtml
(When seeing the first time, thought it was odd this guy would have his photo taken
sitting in the car dealers show room. Then I learned it was his own home! WTF! (Is
he afraid someone will steal them if he leaves them outside?)
The End of Brazil’s Richest Man: Bald and in Jail
BY ANA CRISTINA CAMPOS JANUARY 30, 2017
Former Brazilian billionaire Eike Batista was arrested upon arrival at the Tom Jobim/Galeão International Airport, in Rio de Janeiro, by Federal Police officers. He was arriving from New York where he had gone on business.
Batista had been placed on Interpol’s list as an international fugitive. He was checked at the Medical Examiner’s Office (IML), in Rio, for his health condition and then sent to the Ary Franco prison in Rio de Janeiro.
The entrepreneur, who is the owner of the EBX group, is suspected of money laundering in a corruption scandal that has also ensnared former Rio de Janeiro state governor Sérgio Cabral, who is already jailed.
Batista’s arrest warrant was issued last week as part of the Federal Police’s Operation “Efficiency”, a spin-off case originating from the “Car Wash” probe.
More:
https://brazzil.com/the-end-of-brazils-richest-man-bald-and-in-jail/
Eike Batista's boat
= new reply since forum marked as read
