According to a Financial Times investigation, in November 2023 the company’s Swiss subsidiary (OTS) signed a contract with the Dubai-based trader Hannon International for the supply of 6 million barrels of oil and transferred an advance payment of $230 million. As Venezuela accepted payment in USDT stablecoins, the funds were transferred via a chain of intermediaries.
Only a portion of the cryptocurrency reached the seller. The supertankers chartered by Orlen lay idle for weeks at the José terminal, yet the crude oil was never shipped.
As a result, taking into account the lost advance payment, the costs of the vessels’ lay-up ($72 million), as well as legal and logistical costs, the company’s total losses amounted to $424 million.
The Warsaw Public Prosecutor’s Office has already brought charges against former executives of Orlen and OTS, investigating negligence and inadequate oversight of $600 million from the funding pool. At the same time, Orlen is attempting to recover the $230 million advance through an international arbitration tribunal.
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