83330
Oil Giants Targeted in PDVSA Bribe Suit
Oil Giants Targeted in PDVSA Bribe Suit

Oil Giants Targeted in PDVSA Bribe Suit

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.

 

Short URL : https://goo.gl/MQ4W47
  1. https://goo.gl/fvA11E
  • https://goo.gl/diaDBK
  • https://goo.gl/oUhvnJ
  • https://goo.gl/kevoQb
  • https://goo.gl/P7E1BK

You can also read ...

More Iranian Oil Tankers Head to China
An unprecedented volume of Iranian crude oil is set to arrive...
US Intimidates Iraq to Kill Siemens Deal in Favor of GE
The Trump administration intervened to quash a $15 billion...
Asia Natural Gas Prices Rising
Asia's liquefied natural gas prices are set to go up on the...
Turkey Refiner Seeking Waiver for Iran Sanctions
Turkey’s top refiner, Tupras, is in talks with US officials to...
Iran Awaits CNPC Decision on South Pars
Terminating its contract to develop Iran's giant South Pars...
Iran: Contract Signed to Boost Oil Output in Sirri Region
Crude oil production in Sivand, Esfand and Dena offshore...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus