Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Two indicted in PDVSA bribery probe

Jaclyn Jaeger | February 27, 2019

A sales representative and a former president of a U.S.-based company are facing charges for their alleged roles in a scheme to corruptly secure business advantages from Venezuela’s state-owned and state-controlled energy company, PDVSA.

PDVSA has long been a vehicle for corruption and is at the center of numerous schemes designed to embezzle billions of dollars from PDVSA for the personal gain of corrupt Venezuelan officials and businessmen. For example, a 2014 currency exchange scheme was designed to embezzle and launder around $600 million from PDVSA, money obtained through bribery and fraud. By May 2015, the conspiracy had allegedly doubled in amount to $1.2 billion embezzled from PDVSA, according to the Department of Justice.

In the...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.