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Sources: Swiss court rules for PDVSA in criminal case against Helsinge

A penal court in Geneva has ruled in favour of PDVSA in case brought against Helsinge, according to sources. A criminal investigation was launched in early March this year, following complaint filed on 13 February with Geneva's Public Prosecutor's Office by Swiss law firm Canonica Valticos de Preux. It remains to be seen how the ruling will affect energy trading houses Glencore, Trafigura, Vitol, Lukoil and others involved with Helsinge, and indeed the Florida case of PDVSA US litigation Trust. Equally interesting will be to see how this probe will expose Julius Baer, Credit Suisse and Swiss bankers involved.

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