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Venezuela investigates possible citgo corruption Original Source Link: (May no longer be active)    http://www.forbes.com/home/feeds/ap/2005/05/03/ap1996772.html http://www.forbes.com/home/feeds/ap/2005/05/03/ap1996772.html Associated Press Update 1: Venezuelan Congress Probes Citgo Deals 05.03.2005, 05:22 PM Venezuelan lawmakers investigating possible corruption in Citgo Petroleum Corp. are focusing on whether there was insider trading in a bond buyback last year, a lawmaker said Tuesday. The comment by key lawmaker Jesus Garcia came as Venezuelan Oil Minister Rafael Ramirez reiterated the country is not planning to sell Houston-based Citgo, but is selling its refineries in Germany. "We are going to keep Citgo," Ramirez said during a conference in Houston. He has previously said that state oil company Petroleos de Venezuela S.A. was taking offers from potential buyers for at least two of Citgo's eight refineries in the United States. Ramirez said the company must be reorganized before a sale or other plans could be considered. "We have not completed the reorganization in Citgo." Without elaborating, Ramirez said: "We are selling today our refineries in Germany." Meanwhile, the National Assembly's Energy and Mines Commission has been investigating possible corruption in Citgo since February. "We believe the worst thing that happened was the bond repurchase," said Jesus Garcia, the head of the commission and a member of President Hugo Chavez's Fifth Republic Movement party. The Venezuelan congressional commission is investigating whether Citgo officials leaked information of the bond buyback to investors, Garcia said. "Prices changed two to three days before the announcement (of the buyback)," he said. Citgo bought back US$550 million (euro428 million) in bonds due 2011 last October. Luis Marin, then-president of the firm, told the commission earlier this year the operation was carried out in line with U.S. regulations. Garcia said that the commission is also investigating the management of pension funds at the firm and an asphalt contract signed by Marin last year.

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