Polish state-controlled refiner Orlen lost about $424 million in a Venezuela oil transaction, according to the Financial Times, and three former managers now face criminal charges. The deal began in November 2023, when Orlen’s Swiss subsidiary agreed to buy 6 million barrels of Venezuelan crude for $345 million and wired $230 million within five days without collateral or bank guarantees.
Because of U.S. sanctions, the funds were converted into Tether’s USDT and moved through a broker in Dubai. More than $132 million in USDT was reportedly handed over on USB drives in hotels and restaurants in Venezuela. In one conversion, $135 million yielded only $85 million, while another $50 million remains stuck in a court in the United Arab Emirates.
The report also said six chartered tankers waited off Venezuela for months before leaving empty, generating about $72 million in shipping costs alone. On Aug. 7, Warsaw prosecutors charged three former executives, alleging they failed to protect 1.5 billion zloty, or about $378 million, in company assets. Venezuela’s state oil company PDVSA said it never received payment and therefore did not allocate any cargo to Orlen.
Polish state-controlled refiner Orlen lost about $424 million in a Venezuela oil transaction, the Financial Times reported, and three former managers are facing criminal charges.
Deal began in November 2023
According to the report, Orlen’s Swiss subsidiary agreed in November 2023 to buy 6 million barrels of Venezuelan crude for $345 million. It wired $230 million within five days, but the transaction had no collateral or bank guarantees.
Funds were converted into USDT
Because of U.S. sanctions, the money was converted into the stablecoin USDT and transferred through a broker in Dubai. More than $132 million in USDT was delivered on USB drives in hotels and restaurants in Venezuela.
In one case, a $135 million conversion produced only $85 million, while another $50 million remains frozen in a court in the United Arab Emirates.
Tankers left without cargo
The report said six chartered tankers waited off the Venezuelan coast for months before departing empty. Shipping costs alone reached about $72 million.
Warsaw prosecutors filed charges
On Aug. 7, Warsaw prosecutors charged three former executives, alleging they failed to protect 1.5 billion zloty, or about $378 million, in company assets. They face up to 25 years in prison.
Venezuela’s state oil company, PDVSA, said it did not receive any payment and therefore did not allocate cargo to Orlen.
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