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Mexico orders arrest of Oceanografia CEO

Friday, May 30, 2014

The Mexican Attorney General's office has ordered the arrest of the chief executive of oil services company Oceanografia, which is at the center of a fraud probe involving Citigroup Inc's local unit Banamex.

Oceanografia CEO Amado Yañez is under police protection in hospital after undergoing emergency surgery on May 20, a statement from the attorney general's office said.

The attorney general's office held Yañez for questioning in March after Citigroup said it uncovered at least $400 million in bogus loans to Oceanografia at Banamex.

Source: Reuters