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.

Is Venezuela’s state oil company creating the next Petrobras scandal?

Tom Fox | March 29, 2016

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....

Buy this article for $49, or subscribe to Compliance Week for a month at $149 and get unlimited article access for 30 days.