Mexico arrests entrepreneur in fraud case linked to Citibank, Pemex

Los Angeles Times, 05/29/14

pemex2Arrest in Mexico fraud case comes as president seeks to open up nation’s petroleum business to outsiders.

The Mexican government on Thursday announced the arrest of a wealthy entrepreneur who is accused of a multimillion-dollar fraud involving Citibank and the giant Mexican oil monopoly.

Amado Yañez Osuna was placed under arrest and will be charged with fraud, the federal attorney general’s office said in a statement. He won’t go to jail immediately, however, because he is in hospital recovering from surgery. There, officials said, he is under police guard.

Yañez was head of the Oceanografia firm, which supplied services to Petroleos Mexicanos, or Pemex, the state oil company. According to prosecutors, Oceanografia fraudulently billed the firm for work not done and took out loans from the Mexican bank Banamex based on those false premises. Banamex is a subsidiary of Citibank.

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