Police seize assets of former Brazilian billionaire Eike Batista

EnergyAssociated Press

Police say they seized cash, cars and jewelry from two homes belonging to Eike Batista, a business magnate who once was Brazil's richest man and now faces charges of insider trading and market manipulation.

A Federal Police statement says agents entered the two homes Friday morning and seized seven cars, computers, cellphones, watches and $32,500 (90,000 reals) in cash.

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The assets were seized to guarantee potential compensation payments in case Batista is convicted. A federal judge this week froze more than $1 billion (3 billion reals) worth of financial assets belonging to Batista, his sons, his ex-wife and his girlfriend.

Batista's attorney was not immediately available for comment