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Pemex blames accounting change for 'massive fraud'

Wednesday, May 9, 2012

Mexican lawmakers are calling for an official probe into how state oil monopoly Pemex accounted for a suspected $30 billion loss in 2009 which an audit showed the company later booked as assets.

A Pemex spokesman said the accounting issue had nothing to do with fraud and was linked to a change in the financing regime to fund long-term infrastructure projects, known as Pidiregas.

The oil giant later explained in a statement that as part of those changes, the gains or losses of Pemex's subsidiaries were transferred to the parent company from 2010.

Source: Reuters