Eike Batista's seized Lamborghini. Image courtesy of the Brazilian Federal Police.

Brazilian police seized seven cars and nearly $33,000 in cash along with other big ticket items Friday from embattled former billionaire Eike Batista.

OGX CEO Batista, 58, is on trial for insider trading after allegedly selling $85 million of company stock when he discovered OGX’s offshore fields would miss production forecasts.

Batista has denied the charges, claiming he sold the stock to pay down debt.

Police seized seven cars from Batista, including a white Lamborghini, and $32,490 in cash as well as computers, watches and other items, Reuters said.

Federal police said they were ordered to seize the property by a federal judge.

A federal court spokesperson declined to comment and said the order was not public.

Local media reports said prosecutors were concerned that Batista was trying to sell or donate assets that were frozen when the insider trading case began.

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

OGX is currently emerging from the largest bankruptcy restructuring in Latin American history.

Batista is also 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.

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

Batista was once one of the richest men in Brazil but now says he has a net worth of negative $1.2 billion.

He could face up to 13 years in prison if convicted.


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