Venezuela: Former PDVSA Execs Accused of Siphoning Off US$60m

Three former directors of state-owned oil company Petroleos de Venezuela SA (PDVSA) allegedly transferred US$60 million to offshore accounts in Andorra between 2008 and 2014, El Pais reports.


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Through various bank statements acquired by the Latin American publication, the newspaper was able to confirm transactions were made under the names of ex-subsidiary director Luis Carlos Leon Perez; former PDVSA Director Eudomario Carruyo, and Francisco Antonio Jimenez, former president of Bariven – a PDVSA subsidiary.

The officials allegedly siphoned the funds to Andorra, a country nestled between Spain and France, into personal accounts with Banca Privada of Andorra (BPA). Leon moved US$22 million into his offshore account under the name of Nervis Villalobos, vice-president of energy and petroleum of Hugo Chavez.

After appearing in the Panama Papers, a sequence of deposits from 2008 and 2010 totaling US$30.6 million also placed Carruyo under suspicion. A third of the deposits were allegedly made by three companies owned

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