Poland faces $378M loss case over failed Venezuela oil deal

Poland has been drawn into a $378 million criminal case over failed Venezuelan oil contracts after new reporting traced part of a $230 million payment through USDT. Summary Poland’s Orlen faces a $378 million criminal case over three failed Venezuelan crude oil contracts. OTS sent $330 million through Dubai intermediaries while contracted Venezuelan crude largely never arrived thereafter. Financial Times reporting says much of Hannon’s $230 million payment was converted into USDT afterward. Three former Orlen managers were indicted in August and could face 25 years imprisonment each. Former OTS chief Samer remains subject to Poland’s extradition request from the United Arab Emirates. The FT reported on Sept. 15 that Orlen Trading Switzerland, the Swiss trading arm of Poland’s state-controlled energy group Orlen, agreed in late 2023 to purchase roughly six million barrels of Venezuelan Merey 16 crude in a transaction valued near $345 million. OTS advanced approximately $230 million through Dubai-based Hannon International, with much of the money reportedly converted into Tether’s USDT as brokers attempted to arrange payment inside Venezuela. Polish authorities are examining a larger...