BREAKING NEWS

Venezuela's PDVSA says seeking compensation in US oil bribery case

By REUTERS

NOVEMBER 25, 2016 03:09

CARACAS - Venezuela's PDVSA said on Thursday it was taking legal action seeking compensation for a $1 billion scheme in which two oil magnates paid bribes to obtain lucrative contracts from the state oil company.

The two Venezuelan businessmen, Roberto Rincon and Abraham Shiera, were arrested almost a year ago in the United States and have pleaded guilty to violating the Foreign Corrupt Practices Act.

Caracas-based PDVSA initially slammed the case as part of a wider U.S.-led conspiracy and "smear campaign" against socialism. But in its 2015 financial statement, published in July, PDVSA said an internal investigation found it had been the victim of fraud.

On Thursday night, PDVSA said it had given its legal representatives instructions to seek compensation in what is one of Venezuela's biggest corruption cases.

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