Venezuela's former oil minister, who resigned amid a corruption investigation last year, has been arrested by the government. The ex-oil czar is facing charges related to an alleged scheme involving the disappearance of hundreds of millions of dollars in oil proceeds.
The arrest of Tareck El Aissami comes after a probe into corruption at the highest levels of Venezuela's state-run oil industry. He is accused of offenses including treason, money laundering, and criminal association.
El Aissami's resignation occurred shortly before a series of arrests in March 2023, which targeted senior officials in President Nicolás Maduro's government and business leaders. The investigation focused on a corruption scheme linked to international oil sales.
The former minister is implicated in a scheme that allegedly involved selling Venezuelan oil through the country's cryptocurrency oversight agency alongside the state-run Petróleos de Venezuela S.A. (PDVSA). The investigation revealed irregularities in contracts for oil shipments and missing payments to the state oil company.
Attorney General Tarek William Saab described El Aissami as a 'master' of corruption and highlighted the use of crypto assets to conceal illicit gains. Saab also mentioned that individuals cooperating with authorities had received death threats.
El Aissami, previously designated a narcotics kingpin by the United States, had been a key figure in Venezuela's efforts to navigate international economic sanctions. His resignation was unexpected, given his loyalty to the ruling party.
Over 50 individuals, including El Aissami's associate Joselit Ramirez, have been arrested in connection with the corruption investigation. The government has not disclosed the exact financial losses incurred due to the illicit transactions.
Venezuela, home to vast oil reserves, has long grappled with systemic corruption. The recent arrests signal a rare instance of accountability for officials involved in financial malpractice.
The shadowy transactions, involving obscure brokers and unconventional payment methods, have raised concerns about the integrity of Venezuela's oil industry and its economic stability.
As the investigation unfolds, the government faces mounting pressure to address the widespread corruption that has plagued the country's vital oil sector.
