PDVSA corruption mechanics explained

It’s been public knowledge for years that Pride International Corp. allegedly bribed someone at PDVSA. But this document (linked from the FCPA Professor blog) is the first time I’ve seen how the scheme (no longer just alleged, as Pride has admitted wrongdoing in its deferred prosecution agreement) worked, mechanically. The short story is that the charges show that corruption works exactly how you think it would.

I was going to try and summarize this all but FCPA Prof has already done a fine job of it. Go read.

I just wonder what ever happened to the bribe money. Who was this unnamed director? And where is he now?

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2 thoughts on “PDVSA corruption mechanics explained

  1. Jimmie Humboltd

    Is this possibly the reign of Aires Barreto? I remember the WSJ doing something about an FPCA investigation in 2003.

    1. sapitosetty Post author

      Jimmie, you are probably more of an authority on this than most other humans. I wasn’t paying much attention to PDVSA during that period. There is no record I could find that lists the board of directors during 2003 — not that I dug through all the Gacetas Oficiales.

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