A former Venezuelan official on Thursday pleaded guilty to taking part in a scheme involving bribes paid by U.S. companies to Venezuelan officials to secure energy contracts and speed up payments on outstanding invoices, U.S. prosecutors said.
Cesar Rincon, a former manager at Bariven, the procurement unit of Venezuela’s state-owned energy company Petroleos de Venezuela SA (PDVSA) [PDVSA.UL], entered his plea to one count of conspiracy to commit money laundering before District Judge Kenneth Hoyt in Houston, according to the U.S. Department of Justice.
Hoyt also entered a judgment against Rincon of $7 million, the amount of the bribe payments he admitted to taking, prosecutors said. Rincon is scheduled to be sentenced on July 9.
The full original article can be found at reuters.com