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Tue, 10 Dec 2019 01:54 GMT

Former Brazilian Billionaire Released On Appeal

Business

7Dnews London

Sun, 11 Aug 2019 17:29 GMT

Eike Batista,the oil and mining magnate who was once Brazil’s richest man, was released earlier on Sunday August 11th, after having been detained two days ago for violating terms of his house arrest, according to a prisons spokesperson, AFP reported on Sunday August 11th.

Batista was arrested at his Rio de Janeiro home, on a five-day warrant that could have been extended for another five-day period. Authorities also searched the residences of his two sons, Thor and Olin Batista.

According to AP, Federal prosecutors in Rio de Janeiro said the arrest was based on several testimonies that indicate Batista had a prominent role in financial market manipulation, and money laundering, that involved countries such as the U S, Canada, Panama, Ireland and the Bahamas, and companies such as Burger King.

The detention of the magnate was ruled as a violation of the constitution, as stated by the Appeals Court judge Simone Schreiber. Ever since his arrest, the 62-year-old had been under house arrest, pending an appeal of a 30-year jail sentence

An emblem of Brazil's boom years, Batista amassed a fortune with investments in mining and oil, that in 2012 put him in seventh place on the Forbes magazine list of the world's wealthiest people, however, by 2013 a downturn in the commodities market wiped out a fortune that had been estimated at $30 billion.

Later on, public officials linked to state oil company, Petrobras, has revealed mass corruption, that subsequently placed the then billionaire under scrutiny in the vast anti-corruption "Car Wash" investigation.

Brazil's security commission in May fined him around $134 million for insider trading.

Earlier in 2018, Batista was sentenced to 30 years in prison for corruption and money laundering. He was found guilty of paying a $16.5 million bribe to former Rio governor Sergio Cabral, according to AFP.


Latin America