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Mexico issues arrest warrant for CEO in Oceanografia fraud probe

Amado Yanez Osuna, courtesy of Wikiedia Mexican authorities issued an arrest warrant for the chief executive officer of Oceanografia SA, Amado Yanez, accusing him of participating in crimes at the oil services provider.

As reported Friday by Petro Global News, Mexico’s AG said Yanez was under police protection in a hospital after undergoing emergency surgery on May 20.

Yanez is is also the majority owner of Oceanografia.

The company is currently at the center of a fraud probe involving over $400 million in loans from Citigroup’s Mexico unit, Banamex.

Mexico’s anti-corruption agency banned Oceanografia in February from bidding on government contracts for 21 months, saying the company violated agreements with Pemex, the state-owned  oil company.

In February, Citibank alleged that Oceanografia had submitted nearly $400 million of fraudulent invoices for short-term credit that were processed by a bank employee.

Citibank said Oceanografia had posted only $185 million in collateral and not the $585 million on which the bank had relied.

Mexico’s Attorney General’s Office announced in March that the government had seized Oceanografia’s assets to protect creditors. 

The case is under investigation by banking regulators in Mexico, as well as the U.S. Securities and Exchange Commission and Department of Justice.


Julie DiMauro is the executive editor of FCPA Blog and can be reached here.

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