QUITO, Nov 8 (Reuters) – Petroecuador, Ecuador’s state-owned oil firm, on Tuesday stated it’s seeking to appoint a world auditing agency to place its accounts so as, and that the tendering course of is supported by the Inter-American Growth Financial institution (IDB).
The audit of the oil firm’s accounts varieties a part of a $6.5 billion financing deal between the Andean nation and the Worldwide Financial Fund which finishes in direction of the tip of this 12 months, in keeping with Vitality Minister Fernando Santos.
Speaking to an area media outlet on Monday, Santos acknowledged Petroecuador will not be audited by a world agency and its monetary reporting doesn’t adjust to worldwide requirements.
Petroecuador started a tendering course of to nominate an auditor in August, it stated.
“As the method is financed with worldwide cooperation funds, the hiring should comply with the rules established by the worldwide group,” the corporate added.
The auditing corporations have till Nov. 10 to submit their tenders.
The legal professional basic’s workplace final week arrested seven folks – together with former public officers from Petroecuador and the Ministry of Economic system – as a part of an investigation into alleged corruption on the oil firm.
Former Vitality Minister Xavier Vera resigned on the finish of October over a separate investigation into allegations that he took bribes in trade for jobs at Petroecuador. Vera denies any wrongdoing.
Reporting by Alexandra Valencia
Writing by Oliver Griffin
Enhancing by Lincoln Feast
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