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Ex-Mexican oil executive fined, banned from public office

Posted at 3:47 PM, Jul 30, 2019
and last updated 2019-07-30 18:47:38-04

MEXICO CITY (AP) — Mexico’s federal comptroller’s office has fined a former executive with the state-owned oil company $200 million and banned him from holding public office for 10 years.

The authorities did not identify the executive, but said he had been director of partnerships and new business for Petroleos Mexicanos and had led the subsidiary PMI Comercio Internacional.

The penalties arose from the executive’s decision to buy a fertilizer plant in 2013 for three times its market value. The comptroller said in a statement late Monday that the executive hid at the time of purchase that the plant’s machinery was 30 years old and hadn’t operated in 14 years. Pemex had to spend an additional $760 million on the plant in 2016.

The heavily indebted Pemex is the subject of multiple investigations.