Batista told to stay away from his companies after release

Former Brazilian tycoon Eike Batista (pictured) must keep away from his companies after leaving Bangu prison in Rio de Janeiro, where he was being held awaiting trial and was placed under house arrest.

Batista was released on May 1 after an April 28 decision by Brazil's supreme court.

In a statement, MMX, the mining arm of Batista's debt-laden EBX group, said the court decision relates to Batista's "personal matters."

"Mr Batista currently does not exercise any administrative function nor occupy positions on the company's board, council or any other bodies with technical or advisory functions," the statement said.

Batista, once among the world's richest people and a poster boy of Brazilian entrepreneurial success, was arrested in Rio de Janeiro on January 30 accused of paying former Rio governor Sergio Cabral millions of dollars in bribes to secure lucrative infrastructure contracts.

Batista's net worth has reportedly fallen to less than US$300mn from an estimated US$43bn in 2011, following the collapse of his EBX mining and energy group. Analysts blame EBX's demise on spiraling debt and unrealistic production targets.