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Brazil's CVM fines Eike Batista $6.3 mln for insider trading
June 13, 2017 / 10:00 PM / 6 months ago

Brazil's CVM fines Eike Batista $6.3 mln for insider trading

SAO PAULO, June 13 (Reuters) - Brazil’s securities regulator on Tuesday ordered former billionaire Eike Batista to pay 21 million reais ($6.3 million) for stock trading based on insider information about his shipbuilding company OSX Brasil SA .

The regulator, known as the CVM, said Batista had sold OSX shares before public release of information that triggered a sharp selloff on the Sao Paulo stock exchange.

OSX filed for bankruptcy protection in 2013 as Batista’s EBX energy, mining and logistics empire missed key performance targets, raising questions about its financial health.

Batista, whose fortune was once estimated at $30 billion, making him the world’s seventh richest person, was jailed in January for allegedly bribing the governor of Rio de Janeiro state and left prison in April on house arrest.

He is not related to the Batista family controlling JBS SA , the world’s largest meatpacker, which was at the center of a separate corruption scandal last month.

$1 = 3.31 reais Reporting by Aluisio Alves

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