Friday, July 22, 2016 Uruguay state-owned oil firm faces probeProsecutor launches investigation after opposition complaints over mismanagement at ANCAPUruguay’s state-owned energy firm ANCAP faces legal trouble after the country’s courts launched an investigation into alleged legal violations, María de los Ángeles Camiño, a state prosecutor focused on organized crime, said yesterday. The opposition argues that between 2011 and 2014 the firm lost US$600 million, and part of those losses might be explained by the mishandling of funds. Big lossesANCAP holds a monopoly over oil refining and distrubition in Uruguay, yet lost US$198 million in 2015. Camiño asked for details on ANCAP’s officials during that period and for experts to produce a report on the state of the firm. The case comes after a similar investigation in Uruguay’s Congress concluded that “no irregularities were committed” at ANCAP.

Source: Bueno Aires Herald July 22, 2016 03:19 UTC