FILE- In this Nov. 18, 2014, file photo, former billionaire Eike Batista, a Brazilian tycoon once named No. 7 on Forbes' list of the world's richest people, attends his hearing at a federal criminal court in Rio de Janeiro, Brazil. Batista as convicted on Monday, July 2, 2018 of corruption and money laundering and sentenced to 30 years. (AP Photo/Felipe Dana, File)

Brazilian businessman Eike Batista convicted of corruption

July 03, 2018 - 1:42 pm

SAO PAULO (AP) — A Brazilian businessman who amassed and then lost a multi-billion-dollar fortune has been convicted of corruption and money laundering and sentenced to 30 years.

Eike Batista was found guilty of paying around $16.5 million in bribes to the former Rio de Janeiro governor to gain an advantage in government contracts. Ex-Gov. Sergio Cabral was also convicted. It's one of several corruption cases against Cabral, who is already in prison.

In 2011, Batista was listed by Forbes magazine as the world's eighth-richest person. By 2013, his fortune had crumbled amid debts in his energy sector companies.

A federal judge in Rio de Janeiro signed the decision on Monday but it did not become widely known until Tuesday. The G1 news portal reported that Batista's lawyer said he would appeal.

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