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German banker from Julius Baer admits money laundering of $ 1,200 million from Venezuela's state oil company PDVSA in Panama

A German banker, resident in Panama, pleads guilty to helping to

launder $ 1,200 million from Venezuela's state oil company PDVSA.

This is Matthias Krull, a 44-year-old German, former director of the Swiss bank

Julius Baer.

Krull admitted to prosecutors in Miami, United States, be part of a conspiracy to

attract Venezuelan customers and participate in a scheme of money laundering

for about $ 1,200 million of PDVSA, through real estate in the United States.

The German banker was indicted in July and pleaded guilty in August. The

sentence will be given on October 29 in a court in Miami, Florida.

The Superintendency of the Securities Market of Panama indefinitely suspended

Krull's license as a securities broker on August 10 of this year.

Prosecutors revealed that the conspiracy began in December 2014, with a

currency exchange scheme created to divert some 600 million dollars from

PDVSA. By May 2015, the amount would have risen to about 1,200 million dollars, according to prosecutors.'

The Venezuelans Carmelo Urdaneta, Abraham Ortega, José Vicente Amparan

and Mario Bonilla Vallera are also indicted.

The bank Julius Baer announced on Monday October 22 that it will retire from

Panama, for a "strategic review of its business in Latin America," according to

reports from the Bloomberg news agency.

It will also close its offices in Peru. The personnel will be relocated to the

Bahamas, Chile, or Switzerland, according to a spokeswoman for the banking

institution.

The bank is more than 120 years old and is considered the third largest wealth

manager in Switzerland.

In Panama they offer wealth management services and investment advice.

Among its services platform, they include "a structured selection of services in the

area of wealth and tax planning, and investment opportunities."

"I do not know the interiorities, we know it's an internal case of a person who

apparently was accused of using the bank's platform for that," said Carlos

Troetsch, president of the Panama Banking Association.

"Obviously any bank that leaves Panama, for us is not good news, but we still

have many banks that are maintaining a presence in Panama, the important thing

is that the offer remains for when demand grows," he said.

https://www.tvn-2.com/nacionales/Banquero-conspirar-PDVSA-trabajaba-Panama_0_5151984806.html