The securities regulatory authority of Brazil had investigated a US$1 billion put option that was granted by Eike Batista for his flagship company OGX Petroleo & Gas Participacoes SA. The CVM had requested that a review be conducted on the option that was unveiled by the crude oil firm last October 24.

According to the billionaire owner of OGX, the said option was offered to fund its other investments according to SVM regulator website. The regulator though did not provide the reasons for the probe.

OGX was provided until April 30 to request that the billionaire pay the put option in light of the decline of the company's cash position. The company said that it may opt to shut down its only asset that produces oil by 2014 after an internal technical review had forced it to close down three other fields. 

According to reports, Batista had already dissipated about US$30 billion of his personal assets in the past year and a half, with losses attributed to missed targets and production delays with resources and logistics start ups.