STOCK MARKET BSE NSE

Venezuelan officials arrested for graft in state oil company

Venezuelan police have arrested a deputy minister and nine officials from state oil company PDVSA for allegedly doctoring crude production figures

Published: 14th November 2017 09:39 AM  |   Last Updated: 14th November 2017 09:39 AM   |  A+A-

The corporate logo of the state oil company PDVSA is seen at a gas station in Caracas, Venezuela. (File |Reuters)

By AFP

CARACAS: Venezuelan police have arrested a deputy minister and nine officials from state oil company PDVSA for allegedly doctoring crude production figures, the state prosecutor's office said Monday.

Attorney General Tarek William Saab told reporters that the deputy minister, Luis Ramon Mendoza, was arrested with the others over the weekend in a swoop carried out in several regions by the counter-intelligence directorate.

He said the cost of the corruption amounted to more than $1.15 billion.

The irregularities date from when Mendoza, a deputy planning minister in the government of President Nicolas Maduro, was a deputy operations manager at a PDVSA unit in the east of the country. 

Saab said Mendoza and 11 other officials had "dressed up production figures to show false efficiency and false levels of business." Arrest warrants have been issued for two other officials, he said.

He described the group as "a mafia that in the worst manner of organized crime has entrenched itself in our oil industry to cause serious damage to the nation's heritage."

Monday's is the latest in a string of corruption cases being investigated by the prosecutor's office involving the state oil company, the main revenue source for the cash-strapped Venezuelan economy which is widely believed to be on the verge of default.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp