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Brazilian court seizes former billionaire Eike Batista's assests

Xinhua, February 7, 2015 Adjust font size:

Brazil's Federal Police on Friday carried out a court order to seize cash, luxury cars and other assets from former billionaire Eike Batista, who is being sued for money laundering, fraud and other financial crimes.

The amount frozen on Friday is estimated at 3 billion reais (1.09 billion U.S. dollars).

Batista, founder and CEO of the EBX Group, went from the seventh richest man in the world to ruin in less than two years and he is now alleged to have 1 billion dollars in debt.

The EBX Group's flagship, oil company OGX, had successive bad results in oil exploration in Brazil and filed for bankruptcy protection in late 2013.

In September 2014, Batista was indicted for financial crimes and the court ordered that his assets be frozen.

The court has also ordered to freeze assets of his wife, ex-wife and adult sons as investigators found they attempted to transfer assets in millions of dollars to escape the court's seizure. Endit