A criminal court in Geneva ruled in favor of PDVSA in the case brought against Helsinge, according to sources. In early March of this year, a criminal investigation was launched following a complaint submitted on February 13 to the Geneva Prosecutor’s Office by the Swiss law firm Canonica Valticos de Preux. It remains to be seen how the ruling will impact energy trading firms such as Glencore, Trafigura, Vitol, Lukoil, and others associated with Helsinge, as well as the PDVSA litigation trust case in Florida, USA. Additionally, it will be interesting to observe how this investigation will shed light on Julius Baer, Credit Suisse, and the Swiss bankers involved.
Developing…