Police Seize Yacht Belonging to Entrepreneur Eike Batista

02/12/2015 - 09h50

Police raided on Wednesday (11) morning the house of entrepreneur Eike Batista in Angra dos Reis, in the state of Rio de Janeiro, seizing the yacht Spirit of Brazil, as well as at least three jet-skis and motors.

It is another blow to Batista. On Tuesday (10), the Federal Police and the Public Prosecutor's Office received permission from the courts to repatriate assets he holds abroad.

The yacht is moored in front of Batista's house in Angra dos Reis. Given its size, the police decided not to take it to Rio, preferring to leave it where it is.

An employee of Batista's in the house was given responsibility for the yacht.

He said that it is worth US$34.8 million, in contrast to the initial estimate of US$10.5 million. The value Batista declared to the Brazilian Federal Reserve was just US$523,000.

Like the raid on Batista's house last week, the operation on Wednesday (11) aimed to seize assets which the courts have been targeting since the end of January.

Batista has been charged with insider trading (trading of shares using privileged information) and manipulation of the market in the sale of shares of his company OGX.

This week, the Federal Police and the Public Prosecutor's Office obtained permission to seek and repatriate any possible assets that Batista holds abroad.

The search will require international cooperation, and will be coordinated by the Ministry of Justice.

Translated by TOM GATEHOUSE

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