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Brazil regulator bans ex-billionaire from managing companies

Brazil's market regulator bans ex-billionaire Batista from managing companies for 5 years

Brazil regulator bans ex-billionaire from managing companies

RIO DE JANEIRO (AP) -- Brazil's markets regulator has banned the country's one-time richest man from managing a publicly traded company for five years.

The ruling is the latest in a series of high-profile setbacks for Eike Batista, whose meteoric rise and spectacular fall have come to symbolize the fate of his nation. Once the world's eighth richest man, Batista says he is $1 billion in debt.

Tuesday's ruling stems from allegations of conflict of interest within what was once the jewel in Batista's crown, his OGX oil company. The regulator found Batista violated conflict of interest rules when he voted to approve OGX's 2013 financial results while he was the chief executive.

Brazilian media reported that Batista's lawyer will appeal the decision.

Updated : 2021-09-28 15:32 GMT+08:00