On April 13, 2024, Erick Pérez, the Vice Minister for Oil, was charged and arrested for corruption involving the state-run oil company Petroleos de Venezuela SA (PDVSA).

To know more: https://www.fcctimes.com/2024/04/15/venezuelan-officials-arrested-amid-corruption-probe/?utm_source=websiteText&utm_medium=FCCPoI_25Apr24

Erick Pérez, along with other high-ranking officials, faces arrest as part of the probe into the disappearance of billions from Venezuela’s state-owned oil company, Petroleos de Venezuela SA.

Exploiting their positions, they enriched themselves while neglecting the company’s interests and the nation’s welfare. They facilitated sales to allies at discounted rates abroad, often involving corrupt intermediaries, which resulted in significant revenue losses. PDVSA’s income dropped by 34% from 2020 to 2022 due to these adverse circumstances.