Polish Investigators Follow Trail of Missing Millions in Venezuelan Oil Deal
The Orlen energy giant's deal to buy Venezuelan oil has reached new heights in a case that is starting to resemble a Hollywood action movie.
The story began in Dubai, where Samer Awad, the head of Orlen Trading Switzerland (OTS), met with Kam Ho 'Alex' Tsé, the founder of Hannon International, on a yacht during the 2023 Abu Dhabi Formula One Grand Prix.
Awad asked Tsé to secure Venezuelan crude for the company. OTS signed an agreement in November 2023 to buy six million barrels of Merey 16 oil from Hannon for $345 million.
The $230 million upfront payment was made within five days, but it is unclear what happened to the money after that. It appears that some of the funds were used to purchase USDT cryptocurrency in Caracas, which was then stored on digital wallets controlled by brokers.