Brazilian authorities seize boats and cars that belong to billionaire Eike Batista after he recently fell on hard times. He made and lost a fortune in mining and oil and gas exploration. At one point he was the seventh richest man in the world with an estimated wealth of $30 billion, according to United Press International.
Last week he saw much of his fortune being impounded. Sources report that Eike Batista had his boats and seven high-value cars impounded together. Authorities also seized his luxury mansion in Rio de Janeiro. The action follows an order for seizure of financial assets made against Batista, two of his sons, his ex-wife and the mother of his third child.
Batista is currently defending a trial for alleged insider trading and market manipulation. The seized cars include a Lamborghini Aventador which the police were quick to release photos of. It is unclear whether any of the other cars are of similar value, according to News Max.
Eike Batista has seen his wealth cut from its $30 billion to negative $1 billion. His downfall has been largely attributed to the failures of OGX, Batista’s company. At the height of its good fortunes, the oil wells were predicted to pump 750,000 barrels of oil a day. They only ever materialized to 15,000, causing the share price of the publicly listed company to tumble.
Batista’s family are no strangers to the limelight either. His son, Thor Batista was found guilty of Manslaughter in 2013 after crashing his Mercedes-Benz SLR McLaren Roadster into a cyclist near Rio de Janeiro in 2012.
Batista is also likely to lose his yacht, Spirit of Brazil, his three private jets and speed boat. He is still held in quite high regard with the Brazilian people having contributed a staggering $12.8 million to the successful Olympic bid as well as other sizeable charitable donations.
Eike Batista watched as his boats, yacht and three jet skis were taken by federal police in Rio de Janeiro on Wednesday, notes Latino FOX News. Photos showed the confiscated assets included a Batista boat called Spirit of Brazil. The 58-year-old is struggling to pay down debt he owes to banks and sovereign-wealth fund Mubadala Development Co.