The 56 year-old Batista’s fortune has really taken a nosedive, and is allegedly only one percent of this value.
The financial crisis has been really bad that he has had his luxury yacht cut-up as well as sold as scrap.
The guy who was known for his champion speedboat racing, and who became a symbol of the Brazilian economic boom was having one of his companies filing for protection against bankruptcy. Batista went to the Amazon in his twenties, where he would score gold and later sells it in Europe and Brazil’s big cities for a hefty profit. This background was what led to his booming business in the world of mining. However, all these companies are all suffering a fate of collapse.
This is similar to the OBX Company, which was once really highflying but is now facing liquidation.
He commissioned that Petrobras, the state-run oil company would partner with Batista’s firm.
According to the Miriam Leito, which is one of the biggest mistakes that Batista made was to lie to the potential investor, and mislead them by declaring to have what he did not have.
Leitao said that Batista had built himself cards’ house since he had made it a habit to lie to investors.
He was known for his exquisite Mercedes-Benz Mc Laren that he had parked in his living room.
No one could imagine the speed at which his empire fell was really fast. He also ran the Vale mining firm that was run by the government but now has been privatized.
It has been said that Batista’s downfall was a big blow to the nation’s economy.