Pursuits
Ex-Billionaire Batista Banned From Managing Brazil Companies
- Five-year ban includes serving on boards of public companies
- The decision, for accounting irregularities, can be appealed
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After losing his $30 billion fortune in less than two years, Eike Batista was dealt another blow Tuesday when Brazil banned him from managing companies.
The five-year prohibition, which extends to serving on boards of public companies, was handed down by securities regulator CVM for accounting irregularities. It follows a 1.4 million-real ($370,000) fine in March for breaching rules in four cases involving his companies. Batista is also under investigation for alleged insider trading.