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.
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