Mexico City

Oil fraud: Mexican authorities have arrested a top oil executive for allegedly defrauding Citigroup of up to $400 million. Prosecutors say Amado Yáñez Osuna’s Oceanografía oil services company falsified invoices used as collateral for loans from Citigroup’s Mexican subsidiary. They believe some of the money was laundered through a soccer team Yáñez owns. But the opposition National Action Party contends the case may be politically motivated. Oceanografía was awarded many lucrative contracts by the state-owned oil giant Pemex while the National Action Party was in power. The NAP is refusing to support President Enrique Peña Nieto’s energy reform bill until the case is resolved.

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