Mexico oil exec investigated in $13 million fraud

MEXICO CITY, May 23 (BestGrowthStock) – A senior official at
Mexico’s state oil company Pemex improperly traded discount
fuel to her husband’s company in transactions that cost the oil
monopoly $13 million, local prosecutors said on Sunday.

Investigators allege that the Pemex [PEMX.UL] official
improperly traded discount fuel using several transactions
between August and December 2008. One firm that benefited from
the trades, Blu Trading, was founded by the Pemex executive’s
spouse three years ago, officials said.

The Pemex official, identified in local media as Maria
Karen Miyasaki Hara, has been suspended but not yet been
charged, federal investors said in a statement.

“The modus operandi involved buying and selling loads of
ultra-low sulfur diesel, with apparent economic benefit for
foreign companies at the expense of Pemex,” Mexico’s public
service watchdog said in a statement.

Pemex could not immediately be reached for comment.

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(Reporting by Patrick Rucker, editing by Anthony Boadle)

Mexico oil exec investigated in $13 million fraud