Eike Batista. Image courtesy of Lucas Marques/ Youtube.

Embattled Brazilian oil tycoon and former OGX chief Eike Batista will face trial starting November 18 for alleged financial crimes.

Batista, 57, is accused of misleading investors by making overly optimistic statements about OGX’s Campos Basin assets and not following through with a $1 billion investment as the company failed.

OGX is a publicly listed exploration company that, prior to its 2013 bankruptcy, was Brazil’s second largest oil company.

Most of the Campos fields never came close to meeting production targets and four of the five fields were declared non-commercial.

Batista is also accused of insider trading, having sold off his OGX shares in 2013 as the company’s problems mounted.

The trades allegedly netted Batista $148.4 million, Brazilian news source Folha de Sao Paulo said.

In September, a Brazilian judge froze $639 million of Batista’s assets including $50 million investigators found in his bank accounts.

The frozen assets could be used to pay compensation for any losses Batista is found culpable for.

OGX’s bankruptcy sent Batista’s other holdings into a spiral. Another of Batista’s companies filed for bankruptcy and other companies are selling off key assets and controlling stakes, the Wall Street Journal said.

Batista has denied any wrongdoing.

If convicted he could face up to 13 years in prison.

Batista, once the richest person in Brazil, said in September that his net worth has plummeted to negative $1 billion.


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