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Oil Trading Giants Glencore, Vitol Targeted in PDVSA Bribe Suit

  • Venezuelan oil company cheated out of $5.2 billion: Boies
  • Long conspiracy by ‘Helsinge Enterprise’ traced in complaint
Food Shortages Hit Oil Industry Productivity
Photographer: Wil Riera/Bloomberg

Oil trading giants including Glencore Ltd. and Vitol SA paid millions of dollars to a former PDVSA trader to get the inside track on Venezuelan oil deals, according to a lawsuit filed by a trust for Petróleos de Venezuela SA.

The alleged conspiracy, which includes more than two dozen companies and individuals, even has a name worthy of a Robert Ludlum thriller: The Helsinge Enterprise.