Monday, 28th November 2022
<To guardian.ng
Search

How millions of ‘dirty dollars’ were laundered out of Venezuela

Starting in 2014, members of the country's elite and public officials embezzled more than $1 billion from Venezuela's state-owned oil company. The scheme exploited the country's foreign exchange system.

Related

4 Sep 2021
Italian oil company Eni announced a huge offshore find of oil and gas resources in Ivory Coast. The discovery comes after a $185 million (€156 million) investment in energy exploration by two foreign firms.
7 Sep 2021
Venezuela's government and opposition agreed on some key points during the negotiations in Mexico. But there is still "a long way to go," according to the leader of President Nicolas Maduro's team.
19 Sep 2021
Norway's two-day election began Sunday, with many voters concerned about how the oil-rich nation can give up its addiction to fossil fuels. For some, being the world's fastest adopter of electric vehicles isn't enough.
18 Sep 2021
Norway's two-day election began Sunday, with many voters concerned about how the oil-rich nation can give up its addiction to fossil fuels. For some, being the world's fastest adopter of electric vehicles isn't enough.
22 Sep 2021
Mexico is presenting itself as the new champion of Latin American integration. To do that, it appears willing to embrace the continent's isolated autocratic leftist leaders. But it's a risky move.
4 Oct 2021
For the third time in 13 years, Venezuela has slashed zeroes off its inflation-battered currency, the bolivar. This time, it will shed six zeroes, for a total of 14 since 2008. With that, a million bolivars have overnight become one -- still the equivalent of about 25 US dollar cents. Venezuela's central bank announced the move last month to simplify transactions, with consumers scrambling to make payment for even the most basic goods or services. According to private sector estimates around two thirds of transactions in the country now happen in US dollars. Old banknotes now worth almost nothing have become children’s toys or lie discarded in streets around the country. The once-rich oil producer is battling its eighth year of recession and hyperinflation that reached nearly 3,000 percent in 2020 and more than 9,500 percent the year before, according to central bank figures.
4 Oct 2021
In Nigeria, the government has launched a drive to revive the country's once thriving palm oil business, part of a bid to diversify away from petroleum and help create jobs. But small-scale producers say that loans from the Central Bank of Nigeria are only going into the pockets of bigger factory owners.
6 Oct 2021
An oil spill in Southern California closed beaches and led authorities to cancel the last day of the Pacific Air Show. At least 126,000 gallons (98,420 liters) of oil spilled off the coast of Orange County.
7 Oct 2021
The massive oil spill from 480,000 liters leaking off the Orange County coast is slowly moving south, threatening marine-protected areas as well as popular beaches. On the coastline of South California, most beaches are closed, with efforts to clean areas impacted by the oil ongoing.
6 Oct 2021
Congo Mirador was once an idyllic spot: a community of homes on stilts that seemed to float on the calm waters of a lagoon in western Venezuela. Now, the community is inundated with mud, a victim of silt generated by the Catatumbo river.
16 Oct 2021
Nigeria's dependence on crude oil makes its economy vulnerable. But the transition to an economy not based on oil won't be easy.
24 Oct 2021
Saudi Arabia is creating the "world's first tourism destination on offshore platforms" as part of a drive to diversify the economy away from oil. The Rig will be an oil-themed “extreme park” that will be sitting atop a converted oil rig in the Arabian Gulf.⁣