Join our crew and become one of the 104,785 members that receive our newsletter.

Creditors Seize Ship Tied To Mexican Oil Company Probe

Creditors Seize Ship Tied To Mexican Oil Company Probe

Reuters
Total Views: 17
March 15, 2014

ReutersMEXICO CITY, March 15 (Reuters) – Creditors to Oceanografia, a Mexican oil services company at the center of an alleged fraud that forced Citigroup to cut its 2013 profit, have seized a ship that was used as collateral for debt issued by the company.

Norsk Tillitsmann, the Oslo-based trustee for some of Oceanografia’s bonds, is preparing to sell the ship, OSA Goliath, to recoup funds for lenders, according to a letter published on Saturday on the trustee’s website.

The ship was seized on Friday in Aruban waters on Norsk Tillitsmann’s request, the letter said.

A spokesman for Oceanografia, whose main business was providing services for Mexico’s state oil company Pemex, did not immediately respond to a request for comment.

Citigroup said last month it uncovered at least $400 million in bogus loans to Oceanografia at its Mexican subsidiary, Banamex.

Oceanografia had borrowed from Banamex using expected payments from Pemex as collateral.

Mexico’s government has taken control of Oceanografia and begun a criminal investigation.

The FBI and the U.S. Securities and Exchange Commission are investigating the transactions, people familiar with the probes have said.

© 2014 Thomson Reuters. All rights reserved.

Unlock Exclusive Insights Today!

Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.

Sign Up
Back to Main
polygon icon polygon icon

Why Join the gCaptain Club?

Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.

Sign Up
close

JOIN OUR CREW

Maritime and offshore news trusted by our 104,785 members delivered daily straight to your inbox.

Join Our Crew

Join the 104,785 members that receive our newsletter.