August 23 2018
A former executive with Swiss bank Julius Baer pleaded guilty for his role in a billion-dollar scheme to launder money embezzled from the Venezuelan state-owned oil company PDVSA, the US Justice Department said.
Matthias Krull, 44, a German national who is a former Julius Baer Panama vice-chairman, pleaded guilty on Wednesday (Thursday AEST) to one count of conspiracy to commit money laundering, the department said in a statement.
US and Swiss officials are probing how billions of dollars were embezzled from PDVSA, or Petroleos de Venezuela as it’s formally known.