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PDVSA sues Miami-based company for alleged insider trading

Venezuela's state oil company has filed a lawsuit against a Miami-based company, alleging it provided insider information to a number of large trading companies that made billions of dollars by buying oil products at below market prices.
 
The trader group included names such as Vitol, Trafigura, Glencore, Lukoil, and Colonial Oil. 
 
According to a lawyer for the Venezuelan company, PDVSA is acting via an entity called PDBSA US Litigation Trust.
 
The move is part of a wider crackdown on corruption by the Caracas government, which has so far led to the imprisonment of ten PDVSA employees, which critics have dismissed as score-settling by the ruling party rather than any attempt to deal with corruption.
 


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