Geneva probe opened into alleged oil trade corruption
Venezuela has the world's largest proven crude oil reserves (25% of global amount or 302 billion barrels), according to 2016 figures from the Organization of the Petroleum Exporting Countries (OPEC)
Keystone
Geneva’s public prosecutor has opened a criminal investigation into top managers at an oil trading firm in the city and has made two arrests, allegedly linked to a corruption scheme in Venezuela.
According to an Associated Press (AP) report on Monday, two executives at oil trading company Helsinge in Geneva have been arrested by Swiss prosecutors. The AP cited an anonymous source familiar with the case who said the arrests followed allegations made in a complaint linked to the Venezuelan state oil company PDVSA.
The Geneva Attorney General’s Office confirmed the investigation into unnamed Helsinge executives on suspicion of corruption of foreign officials and money-laundering, but declined to comment further.
Helsinge was set up 14 years ago in Panama, and operates offices in Miami, Geneva and the English Channel Island of Jersey.
It was reported earlier this month that PDVSA is suing a group of oil trading companies over a multi-billion-dollar corruption scheme to buy petroleum products below market value.
The lawsuit filed on March 6 accuses Helsinge of obtaining inside information and rigging bidding proceedings by bribing PDVSA officials in a scheme that yielded billions of dollars in illicit gains. The suit claims Helsinge also provided inside information to other trading firms including Lukoil Petroleum Ltd, Colonial Oil Industries Inc, Glencore Ltd, Vitol SA, and Trafigura AG.
Popular Stories
More
Banking & Fintech
UBS releases ‘hundreds’ of staff in fresh wave of job cuts
Should Switzerland take measures to support its struggling industries?
Industrial policies are back in fashion, not only in the United States but also in the EU. Should Switzerland, where various industries are struggling, draw inspiration from such policies?
As a Swiss Abroad, how do you feel about the emergence of more conservative family policies in some US states?
In recent years several US states have adopted more conservative policies on family issues, abortion and education. As a Swiss citizen living there, how do you view this development?
This content was published on
A committee of Switzerland’s House of Representatives has found the people’s initiative to limit fireworks too extreme, but has suggested a counter-proposal.
UN investigators report evidence of crimes in Syria and call for national dialogue
This content was published on
UN investigators in Geneva report ample evidence of crimes in Syria and urge the regime to follow through on its promise of a national dialogue.
Swiss Trade Union warns EU deal could threaten wages
This content was published on
The Swiss Trade Union Federation warns that the new bilateral agreement between Switzerland and the EU could threaten wage protection and public services.
Credit Suisse fines from Mozambique scandal to fund victims’ compensation
This content was published on
The fines imposed on Credit Suisse for the Mozambique scandal will be allocated to a fund for the victims, amounting to $105.5 million.
‘Confederation is a subsidy machine’: Swiss finance minister
This content was published on
The Swiss government is a machine for distributing subsidies to various actors in the country, says finance minister Karin Keller-Sutter.
Lack of funds ends third bid to salvage Säntis ship from Swiss lake
This content was published on
A third attempt to salvage the steamship Säntis, lying at the bottom of Lake Constance in Switzerland since 1933, has failed before it has even begun.
Nestlé Waters on trial in France over illegal waste dumps
This content was published on
Bottled water producer Nestlé Waters to stand trial, accused of illegally dumping waste and maintaining unauthorised dumps.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Swiss banks should be scrutinised for dirty money, says Venezuelan opposition activist
This content was published on
Speaking to swissinfo.ch at the Geneva Summit for Human Rights and Democracy organised by the NGO UN Watch on Tuesday, Aristeguieta said that the Swiss foreign ministry and the country’s parliamentarians “remain cautious” when called upon to denounce the regime of President Nicolás Maduro. “We find support from European, Canadian and Latin American parliamentarians,…
This content was published on
“Today some of the biggest extraction and trading firms are based between Geneva, Zug and Lausanne. Switzerland has a great responsibility accepting them here and monitoring them so little,” declared SchweizerExternal link at the world premiere of his new documentary Trading ParadiseExternal link, shown at the Visions du Réel film festival in NyonExternal link last…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.