Send a Tweet
Most Popular Choices
Poll Analyses
Share on Facebook 9 Share on Twitter Printer Friendly Page More Sharing
OpEdNews Op Eds    H4'ed 11/29/20

Venezuela Sentences Former Citgo Executives for Corruption

Author 513805
Message Venezuelanalysis.com .
Become a Fan
  (1 fan)

The so-called "Citgo six" had been arrested in 2017 and their lawyers will appeal the ruling.

Citgo
Citgo
(Image by JeepersMedia)
  Details   DMCA

Me'rida, November 28, 2020 (venezuelanalysis.com) - Six former oil executives were sentenced for corruption on Thursday by a Venezuelan court.

They were detained in November 2017 in Caracas on charges of embezzlement, money laundering and conspiracy at state oil company PDVSA's US subsidiary, Citgo.

Attorney General Tarek William Saab stated at the time that the accused had signed contracts without government permission which "jeopardized the country's assets." Refinancing plans with Frontier Group Management and Apollo Global Management allegedly had draconian conditions and offered the company itself as collateral.

Former Citgo President Jose Angel Pereira Ruimwyk was sentenced to 13 years and seven months in prison and a $US 2 million fine, the equivalent of 40 percent of the value of the assets involved in the case.

The other former Citgo board members Jose Luis Zambrano, Alirio Jose Zambrano, Jorge Toledo, Tomeu Vadell and Gustavo Cardenas received eight year sentences.

Judicial authorities also disqualified the six from public functions and running office.

The former Citgo executives are Venezuelan but five of them have US dual nationality, while Jose Pereira is a US resident. The US Government has called for their liberation.

Last July, former New Mexico Governor and UN Ambassador Bill Richardson met with President Nicolas Maduro in Caracas but failed to secure the liberation of the oil executives.

The defense lawyers told Reuters that they will appeal the sentence and described their defendants as "political prisoners."

"Proof for the crimes they have been accused of is not even there" attorney Maria Alejandra Poleo stated.

Citgo was the subject of a legal battle throughout 2019 before US courts awarded control of the company to self-proclaimed "Interim President" Juan Guaido.

Washington's recognition of Guaido led to the seizure of several Venezuelan assets abroad, including Citgo, valued at US $7 billion, which was later passed to a Guaido-appointed ad hoc board of directors. However, there have been repeated accusations of corruption involving the company.

Next Page  1  |  2

(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).

 

Rate It | View Ratings

Venezuelanalysis.com . Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Venezuelanalysis.com is an independent website produced by individuals who are dedicated to disseminating news and analysis about the current political situation in Venezuela.

The site's main objective is to (more...)
 

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
Name
Email
   (Opens new browser window)
 

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The Latest on the Diplomatic War against Venezuela

Is Venezuela on the Verge of an Invasion?

Venezuela's Guaido Investigated for Aid Embezzlement

U.S. Sanctions Venezuela for Having Democratic Elections (You Can't Make This Stuff Up)

Tales of Resistance: No Growth or Prosperity

One Venezuelan Migrant Killed Every Day in Colombia

To View Comments or Join the Conversation: