Former Swiss bank employee to serve 10 years in jail for corruption in Venezuela
A former Swiss bank official has been sentenced to 10 years imprisonment for being involved in Venezuela’s $ 1.2 billion embezzlement of Venezuela’s government oil company Petroleos de Venezuela, SA (PDVSA). US Justice Ministry gave this information. German citizen and resident of Panama, Matthias Krull, had accepted the offense of plotting to embezzle the money on August 22.
The Ministry of Justice on Monday said that the former Managing Director and Vice President of Swiss Bank has been ordered to pay a fine of $ 50,000 and an additional fine of $ 600,000. PDVSA is an important source of Venezuela’s income and foreign exchange. The ministry said that Krull has accepted that using his office in Swiss bank, he attracted private clients and especially Venezuela’s people to the bank.
Krull’s clients include Francisco Convit Guruceaga, who was convicted on charges of money laundering on August 16. Krull’s clients include three anonymous conspirators who were also convicted on August 16. Krull acknowledged that the conspiracy started in December 2014 with the currency exchange scheme, which was created to con at least $ 60 million from PDVSA. This money was made through bribe and fraud.
Federal prosecutors alleged that by the end of May 2015, the amount of fraud committed by PDVSA increased to double $ 1.2 billion. Krull admitted that he had joined the conspiracy in 2016.
