Thursday, February 25, 2021

Eike Batista, who was once the richest in Brazil, sentenced to another 11 years

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The businessman Eike Batista

Businessman Eike Batista, once the richest man in Brazil, was again sentenced, now to 11 years and eight months in prison, for crimes against the financial market, the newspaper reported. Globe.

In its decision, dictated last Tuesday and to which the Globe now had access, Judge Rosália Monteiro Figueira, of the 3rd Federal Criminal Court of Rio de Janeiro, pointed out to Eike Batista the use of privileged information and market manipulation involving financial operations with companies OGX, an oil producer, and OSX, from the naval sector.

The magistrate assessed that the entrepreneur has an “uncontrollable fascination for wealth” and “ambition without limits”, which led him “to operate in the capital market in a criminal manner, with an extreme degree of reprobability and indifference to the fragility of the Brazilian capital market” , noting that, from the point of social conduct, Eike Batista “refrained from setting good examples for his children”, according to news agency Lusa.

Rosália Monteiro Figueira pointed out that the accused is a “person with extensive experience in the capital market, influential in the political environment and internationally recognized in the business world” and that “He used this knowledge and prestige in a harmful way the designated criminal practice ”.

The Federal Public Ministry (MPF) pointed out that the businessman used relevant information, obtaining undue profits from the sale of shares in his oil company OGX, in a period when investors had positive expectations regarding the company, based on optimistic information – disclosed by the company itself. – but which proved to be misleading.

According to the MPF, the one who once was was once the richest man in Brazil also mislead other investors as to the pricing of OGX shares, obtaining an illicit advantage.

In the decision on Tuesday, the judge indicated that Eike would have led “investors to believe, mainly small investors, that there would be no lack of resources for the achievement of their ventures, inasmuch as they simulated to make a substantial contribution. financial capital of up to one billion dollars (820 million euros) ”, which never happened.

The crimes were allegedly committed in 2013 and the prosecution brought in 2014.

The businessman, who is under house arrest in another case, can appeal the decision, which also sentenced him to pay a fine in the amount of 871 million reais (about 134 million euros). According to the local press, the sentences against Eike Batista have already totaled 58 years in prison.

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Eike Batista, who was once the richest in Brazil, sentenced to another 11 years