Postcard from... Brazil
Saturday 02 November 2013
Eike Batista once boasted he would become the richest person on the planet. But now Brazil’s most flamboyant billionaire, formerly listed as the eighth wealthiest individual in the world with more than $30 billion in his personal coffers, has seen 99 percent of his fortune drain away. In one of the most spectacular corporate defaults in global history, Batista’s flagship oil and gas company, OGX, has sought protection from bankruptcy with debts of 11.2 bn reais (£3.2 bn). Analysts believe Batiste’s vast ambition may have been his undoing. He built an empire that included logistics, shipping, and natural resources.
Sergio Lazzarini, a professor at the Institute of Education and Research in Sao Paulo, said OGX had been unable to generate sufficient sales.
A year ago, in an interview with Istoé Money Magazine, Batista, with an air of calm confidence, said: “All of my companies have got high profit margins and are healthy projects. The most important thing to do in a time of crisis is to have the financial discipline.” But now, after Batista slid off the world’s list of billionaires, he has been left with little to show for his self-professed financial discipline, or lack thereof.
- 1 This 'woman calls police to order pizza' story isn't going where you're expecting
- 2 Marijuana use by teenagers does not result in a lower IQ or worse exam results, study finds
- 3 Watch what happened when food critics were unknowingly served McDonald's
- 4 Jimmy Carr's controversial Oscar Pistorius joke goes too far at the Q Awards
Renee Zellweger on plastic surgery: 'I'm living a more fulfilling life and I'm thrilled that perhaps it shows'
Kim Jong-un 'purge': Six North Korea officials missing for weeks 'may have been executed'
Diwali: What is the festival of lights – and how is it celebrated around the world?
Nathan Cirillo: Final pictures emerge of soldier moments before he was shot dead by Ottowa gunman
Jimmy Carr's controversial Oscar Pistorius joke goes too far at the Q Awards
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
£300 Per Annum: Clearwater People Solutions Ltd: SSRS Report Developer – 3 Mon...
£95 - £150 per day: Randstad Education Birmingham: Key Stage 1 teacher require...
£32000 - £39000 per annum + benefits + bonus: Ashdown Group: Generalist HR Man...
£18000 - £30000 per annum + uncapped: SThree: Do you feel like your sales role...