Eike Batista Wins Appeal and Avoids R$21 Million Fine

The case dates back to the sale of shares of OSX, a company of Group X that would build oil platforms. Batista was charged by CVM for having sold shares of the company before the publication of a relevant fact to the market on the revision of the business plan.

RIO DE JANEIRO, BRAZIL - Entrepreneur Eike Batista was able to reverse the conviction for the use of insider trading in the case of OSX and avoid the fine of R$21 million (US$5 million) that had been imposed by the CVM (Securities and Exchange Commission), in 2017. The favorable . . .

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