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ExxonMobil accused of funding Venezuelan opposition via cryptocurrency

Published Dec 09, 2023 13:16
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CARACAS – Venezuelan prosecutor Tarek William Saab has accused ExxonMobil (NYSE:XOM) of involvement in a scheme to finance opposition activities against Venezuela's stance on the Essequibo territory. The allegations come in the wake of a December 3 referendum regarding the disputed area.

Saab stated that the oil giant used USDT cryptocurrency and intermediaries to channel funds to conspirators opposing the Venezuelan government's position on Essequibo. As a result, fourteen arrest warrants have been issued for various individuals, including opposition leaders and former allies of the late President Hugo Chavez.

The contentious referendum saw over 10 million Venezuelans cast their votes. According to Saab, the funding operation for the opposition involved individuals with ties to political figures from the United States and El Salvador.

In response to these allegations, ExxonMobil CEO Darren Woods has denied any involvement in such activities. In a recent interview, Woods emphasized the company's focus on assisting Guyana with their resource development rather than engaging in political plots.

This scandal is reminiscent of an earlier incident this year when officials from Sunacrip, Venezuela's cryptocurrency regulator, were arrested for corruption involving crypto transactions related to oil sales.

The implications of these accusations could be significant for ExxonMobil's operations and relations in the region, especially given the ongoing geopolitical tensions surrounding the Essequibo territory.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

ExxonMobil accused of funding Venezuelan opposition via cryptocurrency
 

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