CVG Venalum has halted at least one shipment to a United States-based customer while the company deals with allegations that its senior management was involved in a money-laundering and drug trafficking scheme using the plant as cover, a person familiar with the matter told Metal Bulletin.
The Venezuelan state-owned firm was recently named in a US Department of the Treasury's Office of Foreign Assets Control (OFAC) notice designating politician Diosdado Cabello Rond??n for sanctions related to a corruption network in the country. According to the notice, issued on May 18, Venezuelan officials including Cabello allegedly used Venalum as well as state-owned Aluminos Nacionales SA (Alunasa) to launder money to...