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OpEdNews Op Eds    H4'ed 11/29/20

Venezuela Sentences Former Citgo Executives for Corruption

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Citgo was acquired by PDVSA in 1990 and is considered the sixth largest refinery in the United States with gas stations all around the country. The company's future is currently in question, with multinational companies Crystallex and ConocoPhillips looking to seize Citgo shares to collect on $1.4 billion and $2 billion payments, respectively, awarded by international arbitration tribunals as compensation for assets nationalized by former President Hugo Chavez.

The company was also pledged as collateral for PDVSA's 2020 and can be seized by bondholders after payments were defaulted. However, the US Treasury Department issued a decree stopping the seizure of Venezuelan assets without special permission. The measure was most recently extended until January 2021.


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