Brazil’s Ex Richest Man Receives Additional Sentence for Inside Trading (MercoPress.com)
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. Batista’s lawyer Fernando Martins said in an email that the ruling will be appealed. The decision is the first of three cases against Batista for financial crimes, federal prosecutors said in a press release. He was convicted of selling shares in his shipbuilding and logistics company OSX before announcing changes to the company’s business plan that included austerity measures, the prosecutors said
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. Batista’s lawyer Fernando Martins said in an email that the ruling will be appealed. The decision is the first of three cases against Batista for financial crimes, federal prosecutors said in a press release. He was convicted of selling shares in his shipbuilding and logistics company OSX before announcing changes to the company’s business plan that included austerity measures, the prosecutors said
