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US Judge Approves Venezuela’s CITGO Auction Process

Guayaquil, Ecuador - A US judge greenlighted an auction procedure for Houston-based Venezuelan oil subsidiary CITGO. According to documents published by Law360, on Wednesday Judge Leonard Stark of the US Delaware District Court authorized a special master to conduct a marketing and sales process for a “contingent auction” of CITGO shares “including selecting a winning bid.” However, the ruling clarified that the company’s shares will not be transferred until the winning bidder obtains a license from the US Treasury Department’s Office of Foreign Assets Control (OFAC), which currently blocks any attempt to sell or auction the US $8 billion-worth Venezuelan asset. CITGO was seized by Washington and placed under the control of US-backed self-proclaimed “Interim President” Juan Guaidó in 2019.

Venezuela Sentences Former Citgo Executives For Corruption

Merida - Six former oil executives were sentenced for corruption on Thursday by a Venezuelan court. They were detained in November 2017 in Caracas on charges of embezzlement, money laundering and conspiracy at state oil company PDVSA’s US subsidiary, Citgo. Attorney General Tarek William Saab stated at the time that the accused had signed contracts without government permission which “jeopardized the country’s assets.” Refinancing plans with Frontier Group Management and Apollo Global Management allegedly had draconian conditions and offered the company itself as collateral.

Venezuela Convicts Six CITGO Former Executives Of Corruption

Six former executives of the CITGO Petroleum Corporation were sentenced to between eight and 13 years in prison after being found guilty of corruption. Venezuela's Supreme Court of Justice (TSJ) announced that Citgo former President Jose Pereira will be in jail for 13 years and seven months for the crimes of "intentional embezzlement and conspiracy." Pereira also will have to pay a fine of US$2 million, equivalent to 40 percent of the value of the embezzled goods. Former executives Tomeu Vadell, Jorge Toledo, Gustavo Cardenas, Jose Zambrano, and Alirio Zambrano will serve eight years and ten months in prison for the same charges.
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