Monday, July 08, 2013 9:33 pm
Venezuela detects embezzlement from Chinese fund
The Associated Press
In 2008, Venezuela and China created the fund to finance projects between the countries. It is run by the state Economic and Social Development Bank of Venezuela, or Bandes. Venezuela has received billions of dollars in loans from China.
President Nicolas Maduro said during a ceremony broadcast Monday on Venezuela state television that "we have captured and detained five people in raids we just carried out in Caracas in connection with the embezzlement of $84 million from the Chinese fund."
Maduro did not provide details about the alleged embezzlement.
The arrests come amid a government anti-corruption plan that Maduro announced last month.