Tags: eike batista | boats | seized | billionaire | debt

Eike Batista: Boats of Former Billionaire Seized to Repay $1B Debt

By    |   Friday, 13 Feb 2015 05:17 PM

Brazilian authorities have seized Eike Batista's boats and jet skis in an effort to make a dent in the former billionaire's accumulating debt of around $1 billion.

UPI reported police took a yacht, a speedboat, and three jet skis, and last week they took a Porsche Cayenne and a Lamborghini.

In addition, Bloomberg News said, the judge in the case had all of Batista's financial assets taken, which includes $542 million of real estate.

The Rio Times reported the courts also ordered the accounts of Batista’s two sons and his ex-wife frozen.

Batista’s companies are bankrupt, and he can’t pay his debt, although in 2012 he had a $35 billion fortune, UPI said. The news organization called him a “negative billionaire” because of the large sum he owes.

Sergio Bermudes, a civil lawyer for Batista, told Bloomberg in a September statement that insider trading allegations against his client are “groundless.”

The Wall Street Journal said in 2013, as Batista’s empire fell, that the businessman had “one of the most breathtaking rise-and-fall stories in the history of business.”

Batista blamed investors who jumped out too quickly and deception by his oil executives, the WSJ said. Things fell apart quickly. The OGX oil firm declared bankruptcy in 2013 — just five years after he took it public for $4.1 billion — and when that happened, shares dropped dramatically, “wiping out most of his wealth,” the newspaper said.

At the time of the article, Batista was being quoted as saying he still had $1 billion, WSJ said, but no one could find evidence of that fact.

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Brazilian authorities have seized Eike Batista's boats and jet skis in an effort to make a dent in the former billionaire's accumulating debt of around $1 billion.
eike batista, boats, seized, billionaire, debt
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2015-17-13
Friday, 13 Feb 2015 05:17 PM
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