Once World’s Eighth Richest Man, Brazilian Gets 30 Years in Jail for Corruption

A Brazilian businessman famous for amassing and then losing a multi-billion-dollar fortune has been convicted of corruption and money laundering and sentenced to 30 years in prison.

Eike Batista was found guilty of paying around US$ 16.5 million in bribes to the then Rio de Janeiro governor to gain an advantage in government contracts. Ex-governor Sergio Cabral was also convicted — one of several corruption cases against Cabral, who is already in prison.

A federal judge in Rio de Janeiro signed the decision on Monday but it did not become widely known until Tuesday. Fernando Martins, a lawyer for Batista, complained the case against his client was vague and said that he would appeal. The court said he will not begin serving his sentence while the appeal is pending. A lawyer for Cabral also said he would appeal.

The case is part an investigation into the laundering and hiding of about US$ 100 million in foreign bank accounts. Prosecutors allege that nearly US$ 80 million of that belonged to Cabral. The probe is one branch of Brazil’s massive Car Wash investigation into the systematic trading of bribes and illegal campaign contributions to politicians in exchange for favors for companies.

An oil and mining magnate, Eike was once Brazil’s richest man and was listed by Forbes magazine in 2011 as the world’s eighth-richest person. By 2013, his fortune had crumbled amid debts in his energy sector companies.

Drama surrounded Batista’s arrest last year on the corruption charges. Police officers initially went to Batista’s home in Rio de Janeiro to serve the warrant, but he wasn’t there.

His lawyer said he was traveling abroad at the time. Despite his lawyer’s assurances that he would turn himself in when his trip was concluded, federal police asked Interpol for help locating Batista and said he was briefly considered a fugitive.

Four days after the initial attempt to arrest him, Batista was taken into custody as he walked off a commercial flight from New York.

Mercopress

Tags:

  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Despite Efforts, Brazil’s Corruption Ranking Gets Worse

  Brazil ranks 79th among 176 countries in a world ranking of perceived corruption ...

Brazilian president, Jair Bolsonaro, rides a horse while meeting fans.

Brazil and US: The Unmasked Leaders

It’s a masked world. One man wearing a mask is odd. He could be ...

Brazil’s Lula Stands Up for Ministers Charged With Corruption

Brazilian President Luiz Inácio Lula da Silva defended, Thursday, August 25, the Ministers of ...

North Korean soldiers marching

Trying to Understand Brazilians’ Fascination with North Korea and Its Puzzling Regime

The headlines that usually catch Brazilians’ attention are various corruption scandals, acts of urban ...

A meeting of Brazil's House of Representatives - EBC

The Way Brazil Congress Found to Deal with Their Crimes: Amnesty for All

  The recent list with almost 100 names sent by Brazil’s Federal Prosecutor’s Office ...

Temer talks to the Nation - Beto Barata/PR

Brazil’s President Response to Hush Money Accusation: I Repeat, I Will Not Resign

Brazilian President, Michel Temer, said this Thursday he will not resign, after an explosive ...

Brazil Not Only Out of Crisis, It’s Now Growing like China, Says Lula

The president of Brazil, Luiz Inácio Lula da Silva said that Latin America's largest ...

A signboard with the figure of Jair Bolsonaro and the inscription "Hysteria hurts economy" over him.

Brazil President Keeps Churches Open and Calls Governors Criminals for Imposing Lockdowns

Brazilian President Jair Bolsonaro blasted as criminals the governors and mayors of Brazil’s largest ...

A mural showing Bolsonaro holding a sign that says: 'It's just a minor cold' | Cris Faga/NurPhoto/PA Images

Brazil’s President Says Military Is Above Constitution and Threatens a Coup

Throughout the pandemic, Brazil’s president, Jair Bolsonaro, downplayed the threat posed by Covid-19. In ...

Popular protest against Lula's prison

Eager to Fix Politics, Brazil’s Justice May Be Breaking the Rule Of Law.

On January 24, a Brazilian appeals court upheld a criminal conviction against former President ...