Eike Batista

In March 2025, the TRF-2 upheld a decision making Batista jointly liable for an MMX tax debt valued at more than 3.5 billion reais, arising from a reassessment relating to a share exchange transaction that the tax authorities had classified as fraudulent.

State of the evidence

Documented

Attribution

Directly implicated

The CVM fined Batista 150,000 reais for participating in an MMX board vote on terminating a contract with MPX/Eneva while holding interests on both sides of the transaction.

State of the evidence

Established by a court

Attribution

Directly implicated

The CVM examined whether Batista had breached his duty of care or provided inadequate information about his experience as a director of several listed companies. The panel unanimously acquitted him.

Attribution

Directly implicated

In 2020, Batista was sentenced to eight years' imprisonment for market manipulation. Prosecutors maintained that false or misleading information had been circulated about the potential of certain OGX fields when their viability was already compromised.

State of the evidence

Established by a court

Attribution

Personally implicated

The CVM sanctioned Batista for using inside information when selling OGX and OSX shares and for manipulating OGX share prices. The sanctions included fines totalling more than 536 million reais and a seven-year ban from holding certain management positions in the market.

State of the evidence

Established by a court

Attribution

Personally implicated

In August 2019, the Federal Police arrested Batista again during an investigation into money laundering and market manipulation. The court also ordered the freezing of approximately 1.6 billion reais in assets belonging to Batista and his sons.

Attribution

Directly implicated

A federal court sentenced Batista to 30 years' imprisonment for active bribery and money laundering, particularly for the payment of 16.5 million dollars to Sérgio Cabral in return for advantages for his companies.

Attribution

Personally implicated

In 2017, the CVM found that Batista had sold OSX shares in April 2013 while possessing material non-public information concerning revision of the business plan, thereby avoiding a loss. He was fined approximately 21 million reais.

State of the evidence

Established by a court

Attribution

Personally implicated

During Operation Eficiência, prosecutors suspected Batista of paying 16.5 million dollars to former Rio governor Sérgio Cabral. Not found during the initial operation and then in New York, he was placed on the Interpol list before returning to Brazil and being arrested.

Attribution

Directly implicated

The CVM sanctioned Eike Batista, then OGX board chairman, for failing to ensure appropriate and timely disclosure of material information to the market. He received a fine of 300,000 reais in these proceedings.

State of the evidence

Established by a court

Attribution

Directly implicated

After years of highly ambitious forecasts, OGX failed to meet its production targets. Loss of confidence caused the value of EBX companies to collapse, a major debt crisis and OGX, followed by OSX, to seek court protection from creditors.

State of the evidence

Documented

Attribution

Directly implicated