Former CEO Of Mexican Oil Company Remanded Without Right To Bail - Spanish Court

(@FahadShabbir)

Former CEO of Mexican Oil Company Remanded Without Right to Bail - Spanish Court

Emilio Lozoya, a former chief executive officer of the Petroleos Mexicanos (Pemex) oil company, will remain in custody for the duration of the review of his extradition request to Mexico, Spain's National Court ruled on Thursday

MADRID (UrduPoint News / Sputnik - 13th February, 2020) Emilio Lozoya, a former chief executive officer of the Petroleos Mexicanos (Pemex) oil company, will remain in custody for the duration of the review of his extradition request to Mexico, Spain's National Court ruled on Thursday.

Lozoya was detained by police on Wednesday in the Spanish province of Malaga under an international warrant issued by Mexico in 2019 on suspicion of corruption.

"Judge of the National Court Ismael Moreno has ruled to place the former director of PEMEX company into provisional incarceration without the right to bail in light of the extradition request by the Mexican judicial authorities for crimes involving operations with illegal resources, which in Spain correspond to money laundering," the court said in a statement.

Lozoya is said to have been part of a corruption scheme involving the purchase of a fertilizer plant from the company Altos Hornos de Mexico for $500 million, despite its real cost being only about $50 million. He is also accused of taking a $10 million bribe from Brazilian conglomerate Odebrecht for a construction contract.

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