Associates of late Venezuelan leader Hugo Chávez reportedly stowed millions in bribes in Swiss banks accounts, including at Credit Suisse. 

Crisis-stricken Venezuela is grappling with $1 billion graft probe at a state-owned oil firm, which President Nicolás Maduro as well as his late predecessor Hugo Chávez have been linked to.

Associates of Chávez, a socialist and vociferous U.S. critic who died five years ago, hid millions of bribes in Swiss bank accounts, Swiss newspaper «Tagesanzeiger» (in German, behind paywall) reported on Wednesday, citing U.S. court documents.

The news comes as Venezuelans struggle with extreme shortages of essentials like food and medicine. On Wednesday, the sanction-hit South American nation launched a «petro» currency to secure a cash injection.

Bribes in Swiss Banks

Venezuela's former vice-minister of energy, Nervis Villalobos, and other top functionaries opened at least nine Swiss accounts in 2011 – including at Credit Suisse, according to the report. Up to $27 million in bribes paid for favorable treatment from state-owned Petroleos de Venezuela, or PDVSA, was moved through the Swiss accounts by 2013, according to U.S. court documents. 

«Switzerland is a key center for several of these operations,» Venezuelan money-laundering expert Martín Rodil told the paper. Credit Suisse didn't address the specific accusations, saying it adheres to applicable law and has a strict monitoring system to prevent financial crime. 

Regulator Responds

Separately, Swiss regulator Finma said that it is in contact with several banks over PDVSA, without naming names. Credit Suisse blocked Venezuelan bond transactions and forced a reputation risk review on business with its government, «Reuters» reported.

«In the circumstances where we identify any relationships which could have been used for illicit activity, we take prompt and decisive action which will include liaison with applicable regulatory authorities and restrictions of activity up until and including termination in line with respective requirements,» a spokesman for Credit Suisse said.