• Categories
  • Archives

Once World’s Eighth Richest Man, Brazilian Gets 30 Years in Jail for Corruption

Eike Batista talks in the Brazilian senate about corruption at BNDES - Wilson Dias/ABr Eike Batista talks in the Brazilian senate about corruption at BNDES - Wilson Dias/ABr

A Brazilian businessman famous for amassing and then losing a multi-billion-dollar fortune has been convicted of corruption and money laundering and sentenced to 30 years in prison.

Eike Batista was found guilty of paying around US$ 16.5 million in bribes to the then Rio de Janeiro governor to gain an advantage in government contracts. Ex-governor Sergio Cabral was also convicted — one of several corruption cases against Cabral, who is already in prison.

A federal judge in Rio de Janeiro signed the decision on Monday but it did not become widely known until Tuesday. Fernando Martins, a lawyer for Batista, complained the case against his client was vague and said that he would appeal. The court said he will not begin serving his sentence while the appeal is pending. A lawyer for Cabral also said he would appeal.

The case is part an investigation into the laundering and hiding of about US$ 100 million in foreign bank accounts. Prosecutors allege that nearly US$ 80 million of that belonged to Cabral. The probe is one branch of Brazil’s massive Car Wash investigation into the systematic trading of bribes and illegal campaign contributions to politicians in exchange for favors for companies.

An oil and mining magnate, Eike was once Brazil’s richest man and was listed by Forbes magazine in 2011 as the world’s eighth-richest person. By 2013, his fortune had crumbled amid debts in his energy sector companies.

Drama surrounded Batista’s arrest last year on the corruption charges. Police officers initially went to Batista’s home in Rio de Janeiro to serve the warrant, but he wasn’t there.

His lawyer said he was traveling abroad at the time. Despite his lawyer’s assurances that he would turn himself in when his trip was concluded, federal police asked Interpol for help locating Batista and said he was briefly considered a fugitive.

Four days after the initial attempt to arrest him, Batista was taken into custody as he walked off a commercial flight from New York.

Mercopress

Tags:

  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Getting ready to work

Moody’s Lowers Brazil’s Credit Rating, But Doesn’t Anticipate a Double-Dip Recession

Brazil’s economy is clearly growing again after a severe recession and will be shielded ...

Brazil Streets Echo Again with Shouts of ‘Out, Temer’ and ‘Elections Now’

Thousands of Brazilians once again filled Paulista Avenue this past Sunday in the city ...

Lula still loved by the crowds - Ricardo Stuckert/Instituto Lula

Lula Launches Book and Says He Will Be a Political Prisoner If Arrested Now

Brazilian presidential candidate Luiz Inácio Lula da Silva has released his new book, ‘The ...

While Rich Cut Social Benefits We’re Investing More, Says Brazil’s Finance Minister

Brazil’s Minister of Finance, Guido Mantega, informed that the Brazilian government will raise its ...

Elections: A Far-Right Former Captain Surges as Brazil’s Donald Trump

Since the election victory of Donald Trump, many have tirelessly talked about populism. It ...