Articles Tagged with Banamex

Oceanografía, formerly the biggest oil and gas company in Latin America, is accusing Citigroup (C) of using it to detract from probes into the fraud involving Banamex, which is Citibank’s Mexican subsidiary. Oceanografía collapsed in 2014.

Citigroup is accused of granting a $585M credit line to Oceanografía so that the latter could get hundreds of millions of dollars in cash advances for work by Pemex, an oil company owned by Mexico. However in February 2014, Pemex notified Citigroup that about $400M in Oceanografía invoices, which were supposed to secure the cash advances, had been forged, possibly by a Banamex employee. Because of this, Citibank cancelled Oceanografía’s credit line and the oil and gas company collapsed.

Oceanografía maintains that it never forged the invoices nor did it have cause for such illegal action.

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