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Venezuela bondholders inch toward showdown

Monday, June 26, 2017

Portugal investigating fraud linked to Venezuela PDVSA funds, PDVSA says

Portugal is investigating alleged appropriation of funds belonging to Venezuelan state oil company PDVSA [PDVSA.UL] that were channeled through now-defunct Portuguese bank Banco Espirito Santo between 2009 and 2014, PDVSA said on Saturday. PDVSA's reputation has been tarnished in recent years by high-profile corruption investigations including guilty pleas by two U.S.-based contractors who authorities said ran a $1 billion corruption scheme associated with PDVSA contracts. Venezuela's opposition-led Congress last year said about $11 billion in funds went missing at PDVSA while Rafael Ramirez, currently Venezuela's U.N. envoy, was at the helm from 2004 to 2014. Ramirez slammed the report as "irresponsible lies." More…

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