A threatened $31m lawsuit may be just a fleabite for a man once valued at $30bn but it's undoubtedly another problem that Eike Batista doesn't need. Formerly Brazil's richest man, Batista's net worth has dwindled to around $200m, reports Bloomberg, as his oil-to-entertainment empire teeters on the edge of collapse, owing billions to Brazil's banks.
Much-hyped oil and gas discoveries by OGX, his flagship company, have proved to be flops and the many retail investors who helped finance his ventures are furious. Hence the pending lawsuit that accuses him and other directors of insider trading and releasing misleading information about the firm's prospects.
What the commentators said
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Will the National Housing Bank help the housing market?The government claims its ‘housing bank’ will fund the building of 500,000 homes. Here is what you need to know
-
Best and worst countries to retire to from a tax planning perspectiveOnce the poster child for expat-friendly taxes, Portugal is now one of the worst countries for pension taxation. So, which European countries are the smartest financial choices when it comes to retiring abroad?
