Trading probes from regulator on Brazil’s Batista due in 2015
The results of more than a dozen investigations into market manipulation by Brazilian entrepreneur Eike Batista and current or former executives of his EBX Group, will likely be made public next year, a top regulator said.
“Perhaps the verdicts won’t come this year. They might not be given until next year,” Leonardo Pereira, who heads the country’s securities regulator, CVM, told Reuters in an interview on Monday.
The CVM wants to determine whether Batista withheld information that was unfavorable to some of his businesses, while encouraging investors to buy more stock in his companies.
The two most high-profile cases involve accusations that Batista took advantage of privileged information at his oil company Óleo e Gás Participações (formerly OGX) and his shipbuilding firm OSX. Both went bankrupt as they struggled under mounting debt, missed production targets and operational problems.
Source: Reuters
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