Alex Saab, a Colombian-born businessman and former official with close ties to ousted Venezuelan President Nicolas Maduro, pleaded guilty Tuesday in a Miami federal court. Saab, described as a financial fixer and longtime ally of Maduro, entered a plea to conspiracy to commit money laundering and unlawful financial transactions.
The charges stem from a corruption scheme involving the laundering of bribe and fraud proceeds linked to Venezuela's welfare programme. Saab was accused of bribing officials and creating fake companies and falsified shipping records to secure food-import contracts during Venezuela's crisis, as well as conducting oil sales that violated U.S. sanctions.
As part of his plea agreement, Saab has agreed to cooperate with ongoing federal investigations in the United States. He will also hand over 195 million dollars, approximately 168.9 million euros, derived from the corruption scheme.