Venezuelan legislature: PDVSA embezzled US$11 billion

An investigation by the Comptroller Committee in Venezuela's Asamblea Nacional (AN) released on 19 October 2016 found that during the administration of former Petróleos de Venezuela (PDVSA) President Rafael Ramírez between 2004 and 2014, US$11 billion were embezzled from the state oil company. The 105-page report states funds for pensions, equipment maintenance, and various financial transactions were misappropriated, and links the suspected corruption to current PDVSA President Eulogio del Pino, who was on PDVSA's Board of Directors in 2008 (Efecto Cocuyo). According to Comptroller Committee President Freddy Guevara, the investigation into the largest corruption case in Venezuela's history drew mainly on internal documents from PDVSA, documents from PDVSA's auditing firm KPMG, criminal investigations from other countries, and documents from the AN archives (Tal Cual). Ramírez is currently serving as Venezuela's ambassador to the United Nations.