Saturday, October 31, 2020

Brazil: Former billionaire Eike Batista gets 8-year prison sentence for market manipulation

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Brazilian businessman Eike Batista has been found guilty of market manipulation and sentenced to eight years and seven months in prison.

The federal court’s decision released Monday also includes a fine of 82.8 million reals (nearly $20 million).

Batista was once Brazil’s richest man. The former oil and mining magnate was convicted of using information not yet disclosed to the markets for his own benefit.

Police arrested Batista last month while investigating suspicious money transactions of around 800 million reals (about $203 million).

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Batista was already serving a 30-year sentence under house arrest for corruption and money laundering.

His lawyers were not immediately available to comment on the court’s ruling and to say whether they would appeal.

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