Find a list of your saved stories here

Mexico probes soccer team in Citigroup fraud case


Save Story

Save stories to read later


Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

MEXICO CITY (AP) — Mexican authorities are investigating whether the owner of a Mexican oil services company that allegedly defrauded Citigroup used his professional soccer team to launder money.

An official with the Attorney General's Office says Amado Yanez owns Oceanografia SA de CV and the White Roosters, a Queretaro-based team in Mexico's first division soccer league.

The official said Monday that fiscal authorities are reviewing the team's financial and administrative structures. He agreed to discuss the investigation only if granted anonymity because he was not authorized to publicly discuss the case.

Authorities are also investigating Oceanografia after it allegedly overstated by $400 million the business it was doing with Mexico's state-owned oil company to get loans from Banamex, Citigroup's largest Mexican bank.

Oceanografia was suspended from getting more Pemex contracts in February.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Most recent Business stories

Related topics

Business
The Associated Press

    SIGN UP FOR THE KSL.COM NEWSLETTER

    Catch up on the top news and features from KSL.com, sent weekly.
    By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

    KSL Weather Forecast