Poland's Orlen Faces $378M Criminal Case Over Failed Venezuelan Oil Deals
Poland's state-controlled energy group Orlen faces a $378 million criminal case over three failed Venezuelan crude oil contracts. The deals, valued at around $345 million, were signed between August and December 2023, with Orlen Trading Switzerland (OTS) advancing approximately $230 million to Dubai-based Hannon International.
According to the Financial Times, much of the $230 million payment was converted into Tether's USDT through a series of intermediaries. OTS ultimately received only a limited amount of petroleum product from the planned Venezuelan purchase, with the bulk of the six million barrels not arriving.
The case involves three former Orlen managers who were indicted in August and could face up to 25 years in prison if convicted. The indictment alleges that they failed to carry out supervisory duties and protect the interests of Orlen and its subsidiaries.