ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » World News

Venezuela arrests head of oil firm PDVSA's Bariven unit - sources

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

The head of Venezuelan oil company PDVSA`s subsidiary Bariven was arrested this week, according to two sources and an internal message seen by Reuters, as a graft investigation in the OPEC member swells.

Francisco Jimenez, the head of procurement arm Bariven, was detained on Tuesday afternoon at PDVSA`s Caracas headquarters, the internal message read. Another executive, Joaquin Torres, was detained alongside him, according to the message.

PDVSA did not immediately respond to a request for comment about the arrests. Chief prosecutor Tarek Saab was due to make an announcement on "legal advances in the Bariven case" later on Thursday.

About two dozen high-level executives have been arrested in recent weeks, ridding PDVSA of much of its top brass. Last week, Spanish authorities arrested a former Venezuelan deputy minister and three former executives at state companies for alleged links to money laundering and international corruption.

Bariven has been in the spotlight since 2015, after U.S. authorities arrested two prominent Venezuelan oil businessmen on charges of violating the Foreign Corrupt Practices Act (FCPA). Both men have pleaded guilty to bribing PDVSA officials in order to win juicy contracts with Bariven.

Socialist-run Venezuela originally slammed the investigations as sabotage by the U.S government, its ideological foe.

But in a turnaround, PDVSA said in July last year it was actually a victim of fraud and Bariven then asked a U.S. court to order the two businessmen to compensate it for $600 million in losses.

President Nicolas Maduro`s government and PDVSA, which is formally known as Petroleos de Venezuela SA, have repeatedly vowed to take steps to combat corruption, which has affected the nation and its oil industry for decades.

Opposition leaders say PDVSA has been crippled by malfeasance under 18 years of socialist rule. They say sporadic arrests are the result of infighting among rival government factions.

Sources close to PDVSA say the arrests owe more to turf wars for control of the company, which is the financial motor of Venezuela`s ailing economy, than a wholesale effort to clean up graft.

Several oil industry sources have said workers at PDVSA are increasingly nervous about the spreading graft probes.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
Updated: Thu, Nov 02, 2017
08:07 pm
Reuters
RELATED NEWS
Indian IT services industry's growth pace may slow down in near to mid term: ICRA Indian IT services industry's growth pace may slow down in near to mid term: ICRA
RBI MPC Meeting: Will central bank press pause button on repo rate hike? RBI MPC Meeting: Will central bank press pause button on repo rate hike?
India's economy already 10% more energy efficient than G20 average: IEA India's economy already 10% more energy efficient than G20 average: IEA
GST Council to meet on February 18 GST Council to meet on February 18
No timeline to remove old tax regime, Revenue Secretary Sanjay Malhotra says No timeline to remove old tax regime, Revenue Secretary Sanjay Malhotra says

LATEST NEWS

Bharti Airtel Q3 Results Preview: Net profit likely to jump 35%, ARPU may improve by Rs 5 to Rs 195

Q3 Results 2023: Tata Steel reports Rs 2,502 crore net loss; SJVN net up 22%, P&G profit dips

Turkey Earthquake: Third powerful quake measuring 7.5 jolts region, death toll crosses 1000

Moto E13 set for February 8 launch: Check teased specifications

Easy Trip Planners Q3 result: Net profit rises 4.1% to Rs 41.7 crore

Who is Ricky Kej? Meet the Indian music composer who won third Grammy

Turkey, Syria Earthquake: Powerful quake kills more than 1,300 people

Vodafone Idea share price spurts 25% as govt grants nod to convert over Rs 16,000 crore dues into equity

Turkey Earthquake: India stands in solidarity with Turkish people, says PM Modi

PM unveils India's biggest helicopter manufacturing facility in Tumakuru

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV