PDVSA probe: Venezuelan congress says $11 billion unaccounted for

The head of the PDVSA probe says there has been wide-scale corruption at the state-owned oil company. Reuters photo by Henry Romero.

PDVSA probe by Venezuela’s congressional investigations commission

By Alexandra Ulmer

CARACAS, Oct 19 (Reuters) – Venezuela’s congressional investigations commission said on Wednesday some $11 billion dollars were unaccounted for between 2004 and 2014 at state oil company PDVSA.

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Describing the amount as “more than the budget of five Central American countries,” commission president Freddy Guevara said there had been wide-scale corruption at the company which is a cash cow for the struggling government.

“We’re talking about $11 billion they cannot justify,” said Guevara, an opposition lawmaker while presenting a commission report into PDVSA.

The country is undergoing a major economic and social crisis, with shortages of food and medicine.

PDVSA said on Monday it “could be difficult” to pay its debt if a bond swap does not go through, after extending a swap proposal for a third time.

“If PDVSA is unable to pay its international creditors … it is because they robbed this money,” added Guevara.

PDVSA did not respond to a request for comment about the commission’s accusations.

(Writing by Girish Gupta; Editing by Alistair Bell)