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Brazilian tycoon stands trial for insider trading

Brazilian tycoon stands trial for insider trading

RIO DE JANEIRO (BDCi) – The trial of Eike Batista is underway, a man who was once named as one of the richest people in the world.

Batista is facing charges of insider trading that could make him the first person to go to jail for such crimes in Brazil, should be convicted.

He is accused of having manipulated market charges when he sold shares of two of his companies.

Batista rejects that he traded with knowledge about the lack of economic vitality in key petroleum fields.

His estimated $30 billion fortune, along with his holdings in oil, mining, logistics and shipbuilding, have significantly diminished.

As a first-time defendant, Batista could get a lighter sentence under Brazilian law, but he faces fines and up to 13 years in prison.