Brazil Eyeing OGX Execs For Securities Violations

Law360, New York (September 5, 2013, 6:52 PM EDT) -- Six executives at Brazilian oil outfit OGX Petroleo e Gas Participacoes SA are the targets of a new investigation by the country's securities commission over suspected violations of shareholder disclosure laws, according to Thursday reports, delivering another blow to the flagging oil arm of billionaire Eike Batista's industrial empire.

Brazil's Comissao de Valores Mobiliarios announced an investigation that could signal that Batista and other managers illegally manipulated their stakes in the oil producer as several announced projects have floundered and its stock price has plummeted, the...
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