The former executive director of Venezuela's state oil company Petróleos de Venezuela, SA Abraham Edgardo Ortega pleaded guilty in a US court to participating in a money laundering scheme, the Justice Department said in a statement.
"A former executive director of Venezuela's state oil company Petróleos de Venezuela (PDVSA), pleaded guilty today (Wednesday) for his role in a multimillion-dollar international plan to launder PDVSA embezzled funds," the department said.
Ortega, 51, of Venezuela, pleaded guilty to one count of conspiracy to launder money and his sentence is scheduled for January 9, 2019 by District Judge Kathleen Williams in the state of Florida, according to the notice.
Ortega was paid with the proceeds of a foreign exchange plan, through which 1,200 million dollars were embezzled.
As part of his plea agreement, Ortega admitted that he accepted $ 5 million in bribes to give priority status in loans to a French company and a Russian bank, both minority shareholders in joint ventures with PDVSA, the statement said.
Ortega also admitted that he accepted $ 12 million in bribes for his role in an embezzlement scheme of PDVSA related to loan contract and currency exchange.