Tuesday, March 25, 2014

PEMEX Contractor, Mexico’s Largest Bank at Center of Major Financial Scandal

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Article from SourceMex, March 19

A massive case of fraud and mismanagement is at the center of a financial scandal involving a private contractor for the state-run oil company PEMEX, Mexico’s largest bank, and powerful individuals with connections to the conservative opposition Partido Acción Nacional (PAN). The controversy centers on Oceanografía, a company based in Ciudad del Carmen in Campeche state, which has provided offshore oil services to PEMEX subsidiary Exploración y Producción (PEP) for more than four decades. The company, whose majority owner is entrepreneur Amado Yáñez Osuna, is under investigation of fraud and money laundering. In the most recent case, the company is alleged to have fraudulently obtained millions of dollar in loans from Mexico’s largest bank Grupo Financiero Banamex (GFB). Carlos Navarro Read More

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