Citgo President And 5 VPs Arrested On Embezzlement Charges

22 Nov 2017   Venezuela

The U.S. subsidiary of PDVSA had suffered from unfavorable loans granted by the company’s detained senior officials, chief prosecutor Tarek William Saab said on Tuesday. The accusations are linked to a $4 billion deal that uses Citgo as a guarantee. The detainees also allegedly gave up confidential business information to a competitor. Venezuelan authorities are currently investigating the country’s oil sector and the mismanagement that has plagued it over the past few decades. In August, when the White House first announced sanctions against Venezuela, its state-owned company, and Citgo, a senior official from the administration told the AP that President Nicolas Maduro’s regime could be relieved of the sanctions if it halts its plans to rewrite the Venezuelan constitution, releases dozens of political prisoners, and negotiates fairly with its political opposition. After rating agencies declared Venezuela in selective default and after a meeting with creditors on debt […]

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