Brazil's former richest man fined over $130 million

T TV Tuesday 28/May/2019 19:20 PM
By: Times News Service

Brazil's former richest man Eike Batista was fined around $134 million by the Securities and Exchange Commission of Brazil for insider trading.
The tycoon, who made a fortune in the oil and mining industries, was also banned from running a publicly listed company for seven years.
According to Agencia Brasil, Batista was fined for selling shares in a company he ran while in possession of material information not disclosed to the market.
The incident occurred in 2013.