Eike Batista , the Sao Paulo’s business mogul was banned for 5 years by regulators from serving any kind of corporate post.Once touted as the eight richest man in the world , Batista has six public listed company in his name and has a estimated assets of $30 billion. The companies although being profitable were not able to generate enough cash to service its debts.The top performer , OGX , one of the major petroleum company defaulted in 2013 with more than $5 billion as debts in its books.The loss lead to many company crashing to its feet including the Bond giant Primco .
According to the regulator C.V.M , Mr Batista has broken the rules against the conflit of interest of the shareholders when he was serving as the Chairman of the firm OGX in 2013. The collapse of OGX has lead to a criminal offence against Mr Batista for insider trading and stock market manupulation.
In a dramatic scene of events the trial was called off earlier this year when one of the judge was flimed driving Mr Baitsta’s Porche , the same judge who ordered the car to be seized off from Mr Batista.If convicted Mr Batista will be subjected to 4 years of community service along with a corporate ban of 5 years.