Swiss asset manager charged in Venezuelan bribery case

A man walks in front of a mural outside the headquarters of the state-owned Petroleos de Venezuela S.A (PDVSA), in Caracas, Venezuela, on April 21, 2022. Keystone / Ronald Pena

A financial asset manager from Switzerland and another from Argentina have been charged in an alleged $1.2 billion (CHF1.2 billion) Venezuelan money-laundering scheme.

A US court indictment alleges that from 2014 to 2018 the 48-year-old Swiss and 51-year-old Argentinian conspired with others to launder the proceeds of an illegal bribery scheme that corruptly obtained funds from Petroleos de Venezuela S.A. (PDVSA), Venezuela’s state-owned energy company, the US Justice Department said in a statementExternal link on Tuesday.

According to court documents, the pair laundered proceeds from a foreign currency exchange scheme involving bribery of Venezuelan officials.

The men allegedly organised “sophisticated financial mechanisms and relationships” to launder more than $200 million and open accounts for at least two Venezuelan officials to receive bribes.

The pair face up to 20 years in prison for conspiracy to commit money laundering if convicted. The Argentinian has been arrested and is pending extradition from Switzerland.

The Swiss suspect remains at large.