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By Stephanie Foden, Contributing Reporter

SÃO PAULO, BRAZIL – The Securities Commission of Brazil, CVM, announced it is investigating Brazilian tycoon Eike Batista and top executives at OGX, Batista’s flagship oil company. Investors accuse the magnate, once Brazil’s richest man, of selling part of his OGX shares just two weeks before announcing the company would discontinue the drilling at all of its three oil wells.

For three years since April 2009, OGX, which carries out activities in the exploration and production of oil and natural gas, has released a series of highly optimistic drilling prospects at Tubarão . . .

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