The CVM made the decision because it found that Batista violated a Brazilian law that prohibits senior executives from casting votes at shareholders meetings on resolutions to approve company accounts prepared under their administration, Reuters reported.
It said that while chief executive and chairman of the board of directors of OGX Petroleo e Gas Participacoes, he used his own stock in OGX, owned through his personal holding companies Centennial Mining and Centennial Equity, to approve the 2013 financial statements of OGX at a shareholders meeting.
OGX
