Mexico Detains CEO of Oceanografia

Mexican authorities have detained the chief executive of oil services company Oceanografia, which is at the center of a fraud probe involving Citigroup Inc’s local unit Banamex.

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Amado Yanez was detained late on Monday, a government official told Reuters on condition of anonymity. It was unclear what charges he was facing.

Oceanografia was a top service provider to state-run oil giant Pemex over the past decade, winning billions of dollars in contracts. The company is now in bankruptcy proceedings.

Last week, Citigroup said it had uncovered a separate $15 million fraud at Banamex related to a security services company the bank operated. (Reporting by Anahi Rama and David Alire Garcia)

Puerto Vallarta News

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