Tuesday, September 25, 2018Canada's Leading Online Business Magazine

Brazilian Ex-Billionaire Jailed 30 Years

EikeBatista-Eike-CPI-BNDES-29Nov2017-FotoSergioLima.

CBJ — A Brazilian oil and mining magnate, who was once one of the richest men in the world, has been sentenced to 30 years in jail after a corruption trial.

Eike Batista had an estimated worth of more than $35 billion in 2012, but lost most of it as his empire collapsed.

He was found guilty of bribing former Rio de Janeiro governor Sergio Cabral.

Batista paid about $25 billion to foreign bank accounts held by Mr Cabral in exchange for contracts with Rio State.

@CanBizJournal

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