April 11, 2014 / 9:34 PM / in 4 years

Brazil's Batista faces probe for alleged insider trading-watchdog

RIO DE JANEIRO/SAO PAULO, April 11 (Reuters) - Brazil’s securities industry watchdog CVM is investigating whether Eike Batista, formerly the country’s wealthiest man, engaged in insider trading, it said on Friday.

Rio de Janeiro-based CVM said in a statement that one of more than a dozen probes into the meltdown of Batista’s Grupo EBX SA includes an investigation into Batista’s alleged use of privileged information as chairman of oil producer OGX Petróleo e Gás Patricitpações SA.

Representatives of Batista and OGX, which changed its name to Óleo e Gas Participações SA after filing for bankruptcy protection in October, did not immediately respond to requests for comment. (Reporting by Juliana Schincariol and Guillermo Parra-Bernal; Editing by Jonathan Oatis)

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