Corruption at the head of Citgo, a subsidiary of Petroleos de Venezuela


© Reuters. CORRUPTION AT THE HEAD OF CITGO, A SUBSIDIARY OF PETROLEOS DE VENEZUELA

CARACAS (Reuters) – venezuelan authorities have arrested Tuesday the president and five senior executives of the company of refining and distribution of Citgo in the context of a purge of anti-corruption.

Based in Houston, Texas, Citgo is a subsidiary of the national company Petroleos de Venezuela SA (PDVSA).

Agents of the military security have arrested Jose Pereira during a meeting held at the headquarters of PDVSA in Caracas, a-t-on learned.

The prosecutor of the nation, Tarek Saab, explained that his services had uncovered an arrangement with foreign companies, covering approximately four billion dollars which offered Citgo as a guarantee but was in reality to the detriment of Venezuela.

This agreement, he said at a press conference, had been concluded with the american investment fund Apollo Global Management LLC, a firm based in Dubai, Frontier Management Group Ltd, and included an intermediary in Switzerland, Mangore Llc.

There was a link to the “alleged” between Mangore and the managers of Citgo, he said, speaking of the “corruption of the worst kind”.

(Alexandra Ulmer, Gilles Trequesser for the French service)

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