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Report: Mexican authorities gain access to Deutsche Bank trust in Oceanografía case

Mexicanauthorities will investigate a trust held by bankrupt oil services firm Oceanografíawith Deutsche Bank México S.A. Instituciónde Banca Múltiple and look for irregularities in its business dealingswith Citigroup Inc. subsidiaryBanco Nacional de México SA,El Economista reported.

The trustwas reportedly used by Oceanografía to handle billing for services provided to Mexicanstate-owned oil company Petróleos Mexicanos, or Pemex, from 2012 until 2014 whenthe oil services firm was seized by Mexico's government and suspended from receivingnew government contracts.

In early2014, Oceanografía was accused of defrauding Banamex of millions of dollars in loansthat it secured through promises that Pemex would repay the bank.

DeutscheBank México reportedly tried to prevent Banamex from opening the trust through legalmeasures, but a court ruling will allow authorities and investigators to reviewthe accounts and assets held in the trust, the report said.

Separately,investors and creditors of Oceanografia are suingCitigroup in Miami over claims that Banamex colluded with the company to acceptfabricated work estimates related to the Pemex contracts.