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Pemex says '$30 billion fraud' was accounting error

Thursday, May 10, 2012

Mexico's state-owned oil monopoly Pemex has denied any accounting irregularity after a congressional oversight body said it had identified a possible $30 billion fraud.

Pemex said in a statement that the essence of the observation made by congressional auditors referred to an accounting procedure the company has followed since 1993.

It said that in following that method, the sum in question was recorded in Pemex books as accounts receivable, under the category of "increase in investments in subsidiaries."

Source: Reuters