News Daily Spot: US case uncovers massive network of corruption in Pdvsa

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US case uncovers massive network of corruption in Pdvsa

The Venezuelan oil magnate Roberto Rincón, who faces charges in a federal court in Texas for corruption and money laundering, paid huge bribes to officials of state Petroleos de Venezuela (PDVSA) to obtain lucrative contracts in a massive conspiracy that came to collect more $ 1,000 million, according to court documents and sources familiar with the investigation.

By Antonio Maria Delgado / El Nuevo

Rincon, who operated through companies created by him and his partner Shiera Abraham, had the help of at least five Venezuelan officials, who in exchange for large sums of money helped the accused to get contracts from the state oil company.

One source told the Herald that officials, among other things, supplied the accused valuable inside information about the projects and sometimes maneuvered to place more than one of his companies in the bidding process.

The officials, who received payments and gifts valued at several hundred thousand dollars, also helped hide the fact that sometimes more than one of the companies competing in the tender belonging to the network and Shiera Rincón.

One of the transactions Shiera Rincon and tracked by the authorities of the United States reflects a payment to bribe an official who stood at $ 2.5 million.

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