Eike Batista Trial: Judge Thrown Off Ex-Billionaire's Case After Taking Joy Ride In Seized Porsche
Flavio Roberto de Souza, the judge overseeing the high profile insider-trading trial against Eike Batista, Brazil’s most notorious billionaire, was removed from the case after he was accused of riding off in one of the defendant’s seized luxury cars.
According the BBC, the judge explained that the police had no appropriate place to park the Porsche which was confiscated by his own order, and so he drove it home for safe keeping.
Due to the judge's actions, all of the decisions in the case are now annulled and a new trial for Batista will likely be reset.
Brazil’s justice inspector general said via statement: “There is no interpretative breach that allows a judge to keep or request the usage of a defendant’s property.” The inspector general went on chide the judge, saying that it was "clear from several interviews that the federal judge chose to ignore the courts ethics code.”
With an estimated $30 billion fortune, Batista was one of Brazil's richest men.
Batista is now more than $1 billion in the red.
As reported in Financial Advisor Magazine, the man lost most of his fortune when his energy and commodities empire collapsed. Batista is now being charged by prosecutors with illegally dumping shares of his oil company by using privileged information.
In 2013, his company, which was then known as OGX, tumbled 95 percent as it filed for bankruptcy protection after having cut its output and put a stop to most of its operations.
A new judge is expected to be appointed in the case.
Batista has denied any wrongdoing. If convicted, he will face up to 13 years in prison.
Souza had called Batista a “symbolic figure,” saying of the fallen billionaire: “He was the poster boy of his own companies and with a megalomaniac dream of becoming the world’s richest man.”
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