Former Richest Man in Brazil Is Accused of Manipulating Markets in Brazil, Canada and Ireland

Accusation of Eike Batista comes from Secret Operation Midas, which led to his arrest in 2019

The businessman Eike Batista was arraigned by the Federal Public Ministry on charges of manipulating capital markets. According to the prosecutors responsible for the case, he committed fraud on the São Paulo, Toronto and Ireland Stock Exchanges.

According to the MPF, Eike used a company called The Adviser Investment (TAI) "to buy and sell shares in the national and international financial markets in order to manipulate the assets of legal entities."

When sought, the lawyers for the businessman said he will not make a statement.

BRASILIA, DF, BRASIL, FILE: Eike Batista (Foto: Pedro Ladeira/Folhapress, PODER) - Folhapress

According to the Attorney's Office, TAI was not authorized to operate for third parties. It was used, according to the prosecution, to hide Eike's performance in the stock market, along with two other entrepreneurs, also accused.

The facts refer to the investigation of Secret Operation Midas, launched in August 2019, when the businessman was temporarily arrested.

Translated by Kiratiana Freelon

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