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
Swiss Abroad
Aussie adoptee gains Swiss citizenship at 54 thanks to old envelope
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?
Centre Party president rules out run for Swiss government post
This content was published on
Outgoing Centre Party president Gerhard Pfister will not join the race to replace defence minister Viola Amherd in the Swiss government, the politician announced on Saturday.
This content was published on
Ernst Ostertag is a pioneer for the legal equality of homosexual people in Switzerland. In an interview with "SonntagsBlick" on the occasion of his 95th birthday, the Zurich native explains what bothers him about the Woke movement.
Several hundred people join anti-WEF protests in Switzerland
This content was published on
Several hundred opponents of the World Economic Forum gathered in Graubünden and in the capital Bern on Saturday to take aim in particular at the WEF's high-profile guests.
Swiss skiers nab top spots in iconic Lauberhorn race
This content was published on
Swiss skier Marco Odermatt has won the Lauberhorn downhill ski race in Wengen, Switzerland, for the third time, just ahead of compatriot Franjo von Allmen.
Switzerland’s neighbours are ‘not role models’ in fiscal policy, says finance minister
This content was published on
Swiss finance minister Karin Keller-Sutter defended the country's compliance with the debt brake at a meeting of her party, the Radical-Liberals, on Saturday.
Pope Francis praises Swiss Guards’ patience with pilgrims
This content was published on
During a private audience on Saturday, Pope Francis praised the Swiss Guards for their "great patience" with pilgrims who visit the Vatican.
Swiss designer Kevin Germanier to design outfits for Eurovision presenters
This content was published on
Designer Kevin Germanier will dress the team of presenters at the 2025 Eurovision Song Contest, which takes place in May in Basel.
Swiss President Karin Keller-Sutter makes official visit to Austria
This content was published on
Karin Keller-Sutter, who took over the rotating Swiss presidency this year, has made her first official visit abroad as president to Austria.
This content was published on
The boss of Swiss Post, Roberto Cirillo, is stepping down at the end of March after six years in the job, the company announced on Friday.
This content was published on
The name and logo of the former Credit Suisse headquarters at Paradeplatz 8 in Zurich's financial centre were officially replaced by those of UBS on Friday.
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.