What is the South American national energy company most prone to corruption? Many would answer Petrobras due to the ongoing operation “Car Wash” scandal. However right up there, in not exceeding the Brazilian national energy concern is Venezuela’s state oil company, Petroleos de Venezuela SA (PDVSA), lately having been run by cronies of former President Hugo Chavez. The U.S. government has been investigating PDVSA in connection with potential violations of the Foreign Corrupt Practices Act involving U.S. companies and money laundering by corrupt PDVSA officials.
Bloomberg recently reported that these investigations may very well gain speed and traction because the government of Switzerland “has agreed to turn over records from at least 18 banks involving” PDVSA. These records related to some known FCPA investigations, including those involving the U.S. company Derwick Associates and the recent guilty plea for FCPA violations by Abraham Jose Shiera Bastidas for his part in a bribery scheme involving PDVSA.
