Poland's Orlen Faces Criminal Probe Over $230 Million Venezuela Oil Prepayment

Polish state-owned energy company Orlen's trading unit in Switzerland signed a contract in November 2023 to buy 6 million barrels of Venezuelan crude and paid a $230 million unsecured advance to Dubai-based Hannon International for conversion into USDT. According to Odaily, Hannon International later routed the funds through multiple intermediaries, leaving a $50 million shortfall after $135 million was exchanged for 85 million USDT. From January to March 2024, private keys controlling more than 132 million USDT were handed over via USB storage devices to brokers linked to Venezuela's state oil company. The brokers later disappeared, and the Venezuelan company did not release the crude cargo. Orlen canceled the contract in March 2024 and estimated total losses at $378 million to $424 million. Polish prosecutors have opened a criminal investigation into Orlen Trading Switzerland's management, and three former senior executives have been charged and could face up to 25 years in prison. Orlen has also launched international arbitration in Dubai to seek recovery of the $230 million prepayment.