NACD - National Association of Corporate Directors

6 Citgo Execs Arrested in Venezuela, Accused of Corruption

Venezuela's intelligence agency arrested a half-dozen top executives at the U.S. subsidiary of state-oil company Petróleos de Venezuela SA, MarketWatch (Nov. 21, Kurmanaev) confirms, as part of what authorities are calling an anti-corruption "crusade." Attorney General Tarek Saab charges that the acting president and five board members of the Houston-based subsidiary, Citgo Petroleum Corp, attempted to defraud the country via a planned $4 billion financing deal with three little-known foreign investment funds. "The executives were detained on Tuesday in the capital, Caracas, where Citgo was holding an internal company event," notes MarketWatch.

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