Venezuela congressional probe says $11 bln missing at PDVSA

A report by a Venezuelan congressional commission accused Petroleos de Venezuela (PDVSA) of corruption on Wednesday, saying about $11 billion in funds went missing from the state-run oil company while Rafael Ramirez was at the helm from 2004-14. "It is more than the (annual) budget of five Central American countries," said Freddy Guevara, comptroller commission president and a member of one of Venezuela's hardline opposition parties, alleging widespread malfeasance at the state oil producer. "We're talking about $11 billion they cannot justify," he added, as he presented a report by the legislative body that audits the state. PDVSA, which manages the world's largest oil reserves, brings in about 95 percent of Venezuela's export revenues and has been the country's financial engine during 17 years of leftist rule in the OPEC member nation. More…