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Venezuela's Oil Co. Says It Lost Billions In Bribery Scheme

Law360 (March 9, 2018, 9:14 PM EST) -- A litigation trust for Venezuela’s state-owned oil company PDVSA has sued international oil companies Glencore, Lukoil, Vitol and others for allegedly participating in a scheme to bribe the Venezuelan company’s employees in exchange for advance information about crude oil purchases.

In a suit unsealed Thursday in federal court in Miami, the PDVSA US Litigation Trust says it has lost billions of dollars in the decade-long scheme orchestrated by dozens of defendants who conspired to get insider information about future tenders for the sale and purchase of...
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