March 26, 2014 / 9:37 PM / in 4 years

Mexico Senate creates commission to probe Oceanografia case

MEXICO CITY, March 26 (Reuters) - Mexico’s Senate on Thursday agreed to set up a special commission to investigate Oceanografia, the oil-services company at the center of an alleged fraud that forced Citigroup Inc to trim its 2013 profit.

Details about the commission’s start date and who may be called for questions have not been confirmed, a senate spokesman said.

Citigroup said last month it uncovered $400 million in bogus loans to Oceanografia at its Mexican subsidiary, Banamex.

Oceanografia Chief Executive Amado Yanez was held for questioning on Saturday by the attorney general’s office.

The company, whose main customer was Mexico’s state-run oil company, Pemex, was seized by the government last month, after Citi uncovered the alleged fraud.

Reporting by Elinor Comlay; editing by Matthew Lewis

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