Argentina probes misappropriated $1.4bn paid to Venezuela

BUENOS AIRES: Argentina's justice department has opened an investigation into charges economic officials illegally diverted some $1.4 billion to pay off its fuel bill in Venezuela, authorities said Tuesday.

The economic officials are alleged to have used funds intended for the social security agency ANSES in order to pay a debt with Venezuela, and of only reporting the transfer eight months later.

Opposition politicians brought a complaint, saying in a statement the delay in publishing the details of the operation "flagrantly reveals an irregular maneuver."

The social security agency manages about $50 billion a year, one of the largest items in Argentina's budget, and money is often borrowed there to fund other areas of government.

Argentina buys liquid and gas fuels to alleviate its increasing energy deficit from Venezuela, which sits atop the world's largest proven crude oil reserves.