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Thursday, May 8, 2014

Prosecutors Ask Brazil Court to Freeze Eike Batista's Assets

Per www.globalinsolvency.com:

Thu., May 8, 2014

Prosecutors in Rio de Janeiro state have asked a Brazilian court to freeze the assets of businessman Eike Batista as a precautionary measure, a spokesman for the public prosecutors said, The Wall Street Journal reported. The spokesperson said he couldn't provide further details because the probe is subject to judicial secrecy. Mr. Batista is under investigation by the federal police for alleged financial crimes connected to his distressed oil company, formerly known as OGX Petróleo e Gás Participações SA. Mr. Batista couldn't be immediately reached for comment. A spokeswoman for the federal court in Rio de Janeiro said the case couldn't be found, most likely because it is under court secrecy. Federal police in Rio de Janeiro are investigating the possibility of market manipulation, money laundering and insider trading by Mr. Batista, according to a person familiar with the case. The police had said it would cooperate with Brazil's Securities and Exchange Commission, known as CVM, to investigate transactions in the capital market, adding the probe will go on in secrecy.

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