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Doing business with Citgo? Get ready for a bumpy ride

Tom Fox | November 26, 2017

It is certainly one thing to fear arrest for violating criminal laws prohibiting bribery and corruption, such as the FCPA. Now the Venezuelan government has opened up a new level of fear for officers, directors, and even employees of the U.S.-based company Citgo Petroleum Co., as it has been reported that six top company officials were detained last week while at business meetings in Venezuela. Although a Houston-TX based company, Citgo Petroleum is a subsidiary of the Venezuelan state-owned oil company Petróleos de Venezuela SA (PdVSA). Those detained were the acting president of the company and five members of the company’s board. Their alleged crime was offering bonds to finance the company’s continued operations.

Interestingly, no formal charges have yet been brought against the individuals. It is also unclear if the U.S. Embassy’s request for access to the six... To get the full story, subscribe now.