Federal Police Confiscate Eike Batista’s Yacht, Cars and Money

SÃO PAULO, BRAZIL – Brazil’s Federal Police raided the home of Eike Batista’s former wife and sons on Thursday morning (February 12th), confiscating three automobiles. The move comes a day after federal police knocked on Batista’s Angra dos Reis resort home, apprehending the former tycoon’s yacht, three jet skis and a speedboat.

Things have not been good for Batista this past month. Last week the Federal Police apprehended six vehicles, including a Lamborghini, a Porsche, a Faberge egg, and R$37,000 in foreign currency at Batista’s Rio home. In addition, a Brazilian judge ordered a freeze on all of Batista’s financial assets, as well as that of his ex-wives and two sons, including a property valued at almost R$1.5 billion (more than US$540 million).

Financial assets from all five are said to be worth R$3 billion (close to US$1.1 billion). According to Brazil’s Ministério Publico (Federal Prosecutor’s Office) the order is to guarantee the payment of restitution if Batista is found guilty of crimes against the financial market.

The oil magnate, named by Forbes magazine in 2011, as one of the richest men in world has been accused of insider trading, a crime punishable in Brazil with up to thirteen years in jail if found guilty.

His downfall came in 2014, when in less than a year he lost over 95 percent of his wealth. Batista made his fortune in mining as well as oil and gas extraction, creating one of the largest conglomerates of the mining and oil industry in Brazil, EBX.