• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 days The United States produced more crude oil than any nation, at any time.
  • 10 days e-truck insanity
  • 9 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days How Far Have We Really Gotten With Alternative Energy
  • 8 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 9 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 10 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
Iran's Attack on Israel Sparks Global Concerns of Escalation

Iran's Attack on Israel Sparks Global Concerns of Escalation

Diplomatic and political leaders worldwide…

Guilty Plea Entered In Billion-Dollar PDVSA Money Laundering Case

Matthias Krull, a German national, entered a guilty plea today for his role in the $1.2 billion PDVSA embezzlement case.

Krull, formerly managing director and vice chairman of Swiss bank Julius Baer, pleaded guilty to one count of conspiracy to commit money laundering, and is now expected to be sentenced in late October, according to the Department of Justice press release issued late on Wednesday. His specialty at the Swiss bank was Venezuelan clients.

In the plea, Krull detailed how he joined a group of individuals who had embezzled the funds, with the intent to launder the billion-plus dollars using Florida real estate and other false investment schemes to hide the fact that the money came from troubled PDVSA.

The embezzlement began sometime in 2014.

The co-conspirators in the case include former PDVSA officials and other Venezuelan nationals, including Carmelo Urdaneta Aqui, former legal counsel to the Venezuelan Minister of Oil and Mining, and Abraham Edgardo Ortega, former Executive Director of Finance at PDVSA.

Other PDVSA officials were allegedly part of the conspiracy, but remain uncharged members, according to a document filed with the United States District Court, Southern District of Florida.

PDVSA has been at the center of multiple bribery and corruption cases, and Venezuelan’s oil production continues to drop every month, with its oil production now at the lowest point in almost seven decades.

On top of the freefalling production and the general critical status of the country’s economy, the country has seen a lack of investment and an exodus of oil workers who don’t see the point of working for salaries that become worthless overnight due to the 13,860-percent hyperinflation, ConocoPhillips is looking to seize PDVSA assets in the Caribbean in a bid to enforce a court ruling that awarded the U.S. firm US$2 billion in compensation for the forced nationalization of company assets in Venezuela.


Despite this, Venezuela’s oil minister Manual Quevedo spoke in July about its plans to raise PDVSA’s oil production.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • Thomas on August 23 2018 said:
    Truly Sad.

    In view of the desperate situation in Venezuela with starvation, perhaps these Bastards should be tried for Murder.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News