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Venezuela bondholders inch toward showdown

Thursday, February 23, 2017

US Court Denies Venezuela Request for Return of $600 Million in PDVSA Bribery Scam

A U.S. Federal District Court has denied Venezuela's request for the return of $600 million in money recovered in a bribery scandal involving Venezuela's state owned oil company Petroleos de Venezuela (PDVSA). U.S. District Court Judge Gray H. Miller of the Sothern District of Texas rejected Venezuela's claim to $600 million that the U.S. had recovered from Roberto Rincon and Abraham Shiera, who were convicted of conspiracy in a bribery scheme involving $1 billion in contracts with PDVSA. Venezuela had claimed that it was the victim and asked for restitution. Judge Miller did say that Venezuela would be allowed to re-apply when the bribery plot perpetrators are sentenced. More…

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