Brazil’s CVM fines Eike Batista $6.3 mln for insider trading

Brazil’s securities regulator on Tuesday ordered former billionaire Eike Batista to pay 21 million reais ($6.3 million) for stock trading based on insider information about his shipbuilding company OSX Brasil SA .

The regulator, known as the CVM, said Batista had sold OSX shares before public release of information that triggered a sharp selloff on the Sao Paulo stock exchange.

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