Thursday, October 29, 2020

PDVSA: Venezuelan ex-oil executive Márquez found dead in Madrid

-

Police in the Spanish capital, Madrid, are investigating the death on Sunday of Juan Carlos Márquez, a former executive at Venezuela’s state-run oil company PDVSA.

Mr Márquez, 48, had appeared in court on Friday over his alleged involvement in a money-laundering scheme.

While he denied the allegations of money-laundering, he had reportedly agreed to collaborate with an investigation into corruption at PDVSA.

He was due back in court on Monday.

- Advertisement -

Police said Mr Márquez had been found hanged in a flat on the outskirts of Madrid.

Low profile, good connections

Mr Márquez was an executive at PDVSA from 2003 to 2014, when the oil company was at the heart of Venezuela’s economy.

While he is widely considered to have been an influential figure in the company with close links to PDVSA’s president at the time, Rafael Ramírez, Mr Márquez kept a low profile and rarely appeared in the media.

He was arrested at Madrid airport on Thursday after arriving on a flight from the US.

- Advertisement -

Read MoreVenezuelan pleads guilty in U.S. to role in PDVSA bribe scheme

He was taken to court on Friday in connection with an investigation into money laundering allegedly carried out by Socialist politician and former Spanish ambassador to Caracas Raúl Morodo.

Mr Morodo, 84, and his son Alejo are suspected of having laundered €4.5m (£4.1m) between 2008 and 2013, which they deny.

Alejo Morodo was arrested in May along with his wife, his Venezuelan associate and the associate’s wife. Police said they would not detain Raúl Morodo because of his age but ordered him to stay in Spain.

Investigators allege that Alejo Morodo charged PDVSA millions of euros for “legal counsel and business advice” that he said two law firms he had links to would provide. He reportedly diverted some of the money he received into his father’s account.

But the investigators say the two law firms never provided any counsel to the state-oil company and that the contracts were “fictitious”.

Spanish daily El Pais, which has seen the contracts, reports that they were signed by Mr Márquez on behalf of PDVSA.

Sources close to the investigation told Spanish news agency Efe that Mr Márquez had agreed to collaborate with prosecutors following his arrest on Thursday.

The money-laundering case comes just months after 28 people, including two Venezuelan former deputy ministers, were charged with corruption in Andorra over bribes worth $2.3bn (£1.8bn) the suspects allegedly took from companies in return for lucrative contracts with PDVSA.

MUST READ

Nigerian court declines to issue international arrest warrant for fugitive ex-Petroleum Minister in corruption case

The Abuja Division of the Federal High Court, on Wednesday, refused an application by the Economic and Financial Crimes Commission, EFCC, for an arrest...

South Korea’s former Vice Justice Minister sentenced to jail for bribery and sexual favors

Former Vice Justice Minister Kim Hak-eui, the figure at the center of one of Korea’s biggest political sex scandals, was placed under pretrial detention...

Beam Suntory Inc. fined $19.6 million in foreign bribery case

Beam Suntory Inc. (Beam), a Chicago-based company that produces and sells distilled beverages, has agreed to pay a criminal monetary penalty of $19,572,885 to...

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

Two U.S. Navy service members get prison for defrauding military insurance program

Two U.S. Navy service members were sentenced in San Diego federal court Friday for their roles in an insurance fraud scheme that involved making false medical claims to...

Indonesia sentenced stockbroker to life over fraudulent investment scheme

Renowned stockbroker Benny Tjokrosaputro was sentenced to life by the Jakarta Anticorruption Court on Monday evening for his role in a major graft scandal...

Beam Suntory Inc. fined $19.6 million in foreign bribery case

Beam Suntory Inc. (Beam), a Chicago-based company that produces and sells distilled beverages, has agreed to pay a criminal monetary penalty of $19,572,885 to...

Former Jacksonville City Council members set for sentencing in fraud case

Former Jacksonville City Council members Katrina Brown and Reggie Brown are scheduled to be in federal court Tuesday to begin a hearing on their...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks