The Brazilian government's environmental agency Ibama said it levied the 450 million reals (275 million dollars) in punishment on the Gethal company owned by Johan Eliasch for cutting down 230,000 trees and lacking certification for Amazon land it owns.

Ibama's statement follows an announcement last month that Brazil's police and intelligence services were investigating Eliasch's interests in the country.

It also came as the Brazilian government scrambled to reaffirm its ecological credentials in the wake of official statistics showing deforestation of the Amazon was accelerating.

Eliasch, a 46-year-old London-based businessman with an estimated net worth of 790 million dollars, is the boss of the Head sports equipment company and an environmental consultant to Britain's prime minister.

He is also the founder of a British-based organization called Cool Earth whose aim is to find sponsors to buy up Amazon rainforest in order to protect it.

A prosecutor for Brazil's state agricultural reform body Incra, Carlos Alberto de Salles, told the Folha de Sao Paulo newspaper that Eliasch's Gethal holding owns 57 tracts of land in the Amazon totalling 1,212 square kilometers (468 square miles) of forest.

Cool Earth's director, Matthew Owen, told AFP on May 27 he was "bewildered" by Brazil's investigation of Eliasch, and stated: "We do not own any lands in Amazonas, we fund various protection projects through our partners."

A source close to Eliasch claimed at the time the investigation was started to "whip up nationalism for political purposes."

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