Oceanografia CEO to remain in jail: Court

A Mexican court ruled the chief executive of oil services company Oceanografia, at the center of a fraud scandal that cost Citigroup millions of dollars, must stay in jail while his case proceeds.

The court ruled that Amado Yanez, who was detained last week, should remain in custody due to his "probable criminal responsibility" for supplying false information to a bank to obtain credit, according to a statement.

Citigroup says it lost more than $500 million after its Mexican unit Banamex made loans to Oceanografia backed by bogus work orders from state-run oil giant Pemex.

Source: Reuters