Police seize Brazil tycoon's cash, cars

Brazilian police have seized the possessions of Eike Batista, who was once the country's richest man.

Police have seized a piano, the equivalent of $US45,700 ($A58,568) in cash, six cars and other possessions from the home of Brazilian tycoon Eike Batista, once Brazil's richest man, who is on trial for insider trading.

"They've left him without even enough money to buy bananas for his three-year-old son," Batista's lawyer Sergio Bermudes told the Globo G1 news site, describing the confiscations as "an act of savagery".

The seized cars included a Lamborghini and a Porsche.

Police also carted off a century-old jewelled Faberge egg, 16 watches and a sculpture, as well as computers and mobile phones.

The Wall Street Journal reported on Friday that Judge Flavio Roberto de Souza said in an interview that he is looking for evidence that Batista has sent money abroad.

In September, authorities froze $US635 million in stocks belonging to Batista.

This week it also blocked funds belonging to his close family members and took even more of his possessions, seizing computers, mobile phones, watches and other items of value from the business tycoon.

Batista, who has denied any wrongdoing, is accused of stock-market manipulation by using privileged information last year to sell off company stock.

The former magnate, once among the world's richest men, made his fortune from mining and oil, amassing some $30 billion.

He faces up to five years in jail for allegedly deceiving investors by shelving a plan to invest $1 billion in his oil company OGX, whose production targets proved wildly over optimistic after several wells came up dry.

OGX filed for bankruptcy protection in October last year amid debts of a reported $US5 billion.

The case comes with Brazil reeling from another major corruption scandal, allegedly involving billions of dollars of kickbacks at state-owned oil giant Petrobras.


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Source: AAP


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