Eike Batista To Start Trial In November

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Eike Batista To Start Trial In November
By EIKE_BATISTA.jpg: JulianaCoutinhoderivative work: – JBarta (This file was derived from EIKE BATISTA.jpg:) [CC BY-SA 3.0], via Wikimedia Commons

One of Brazil’s most successful businessmen Eike Batista starts trial next month on November 18th. The trial is for criminal charges. He allegedly defrauded investors in his oil company.

Eike Batista’s trial set to start soon

On Monday, a judge from Rio de Janeiro scheduled the trial to start in mid-November. This comes after the judge rejected Batista’s preliminary defense. In September, federal prosecutors filed criminal charges against the oil magnate. Officials even accused him of manipulating financial markets while taking advantage of special information to sell oil company shares before stock prices plunged.

According to the judge, if Batista is convicted, he could face up to 12 years in prison. The judge also claimed Batista’s lawyers did not bring the evidence that could lead to a summary dismissal. Federal officials also threw accusations that Batista was manipulating financial markets with the claim he was ready to invest up to $1 billion to hold up his oil company, but he never put in the investment. He was also accused of making illegal insider trade moves on at least two occasions last year during share sales.

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