Brazil ex-billionaire re-arrested in corruption probe

Image
AFP Rio de Janeiro
Last Updated : Aug 08 2019 | 7:50 PM IST

Brazilian ex-billionaire Eike Batista, who has been under house arrest pending an appeal of a 30-year jail sentence, was arrested again on Thursday as part of a sprawling corruption probe, officials said.

Batista, once the richest man in the Latin American country, was detained in Rio de Janeiro after a judge issued an order for his arrest, federal police told AFP.

Judge Marcelo Bretas also ordered the arrest of Batista's associate, Luiz Arthur Correia, along with four others, G1 news site reported.

They are suspected of insider trading and money laundering, G1 said.

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 Forbes's list of the world's wealthiest.

But by 2013 a downturn in the commodities market wiped out a fortune that had been estimated at USD 30 billion.

He later came under scrutiny by investigators in the vast "Car Wash" operation which revealed mass corruption by public officials linked to Petrobras.

In July 2018, he was sentenced to 30 years in prison for corruption and money laundering.

He was found guilty by a Rio court of paying a USD 16.5 million bribe to the ex-governor of Rio, Sergio Cabral, allegedly through the fictitious sale of a gold mine.

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Aug 08 2019 | 7:50 PM IST

Next Story