Oil Giants Targeted in PDVSA Bribe Suit

Oil trading giants, including Glencore Ltd. and Vitol SA, paid millions of dollars to a former PDVSA trader to get the inside track on Venezuelan oil deals, according to a lawsuit filed by a trust for Petroleos de Venezuela SA. The alleged conspiracy includes more than two dozen companies and individuals, Bloomberg reported. PDVSA alleges firms, including Lukoil Pan Americas LLC, Vitol, Glencore and Trafigura AG, of funneling bribes through several shell companies that were set up by a pair of Venezuelan nationals, including Francisco Morillo. Among the officials accused of coordinating the scheme from within PDVSA is company vice president, Ysmel Serrano, a close friend of Venezuelan Vice President Tareck El Aissami dating back to their college days. “This involves a decade-long conspiracy to corrupt employees, fix bids and bribe officials,” David Boies, the lawyer for the Petroleos de Venezuela SA trust, said in a phone interview. Reportedly, the conspiracy cost PDVSA $5.2 billion in lost revenues.