As Money Runs Out, Fallen Brazilian Tycoon Batista Faces The Law

He also pulled support for sewage projects designed to clean up Guanabara Bay and Rio's post-card lagoon, the venues for sailing and rowing at the 2016 Olympic Games. His private jets, now sold, are no longer available to organizers.

The renovations of the historic Hotel Gloria and Gloria Marina, both expected to be used in the Olympics, are stalled, and he has pulled out of a group that was slated to run Rio's storied soccer stadium, the Maracanã.

"It's easy to laugh at his troubles, but his decline isn't really funny," said Fernando Zilveti, a lawyer and finance professor at the Getulio Vargas Foundation in Sao Paulo. "He made lots of mistakes, but he also faced huge challenges."

($1 = 2.40 Brazilian reais)

(Editing by Todd Benson and Kieran Murray)


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