- Associated Press - Tuesday, July 30, 2019

MEXICO CITY (AP) - Mexico’s federal comptroller’s office has fined a former executive with the state-owned oil company $200 million and banned him from holding public office for 10 years.

The authorities did not identify the executive, but said he had been director of partnerships and new business for Petroleos Mexicanos and had led the subsidiary PMI Comercio Internacional.

The penalties arose from the executive’s decision to buy a fertilizer plant in 2013 for three times its market value. The comptroller said in a statement late Monday that the executive hid at the time of purchase that the plant’s machinery was 30 years old and hadn’t operated in 14 years. Pemex had to spend an additional $760 million on the plant in 2016.


TOP STORIES
Justice Department clears Trump of wrongdoing on Ukraine call
Hershey pub cancels Christmas party featuring Republican candidates ahead of Trump rally
Democrats' Trump impeachment could cost them the 2020 election


The heavily indebted Pemex is the subject of multiple investigations.

Sign up for Daily Newsletters

Manage Newsletters

Copyright © 2019 The Washington Times, LLC.

Please read our comment policy before commenting.

 

Click to Read More and View Comments

Click to Hide