The Mexican Attorney General’s office has ordered the arrest of the Oceanografia CEO Amado Yanez.
Oceanografia is currently the center of a high profile fraud probe involving over $400 million in loans from Citigroup’s Mexico unit, Banamex.
The AG’s office announced on Thursday that Yanez was under police protection in a hospital after undergoing emergency surgery on May 20.
Yanez, the majority owner of Oceanografia, will formally be arrested once he has been discharged from the hospital.
The medical issues resulting in Yanez’s surgery have not been disclosed.
In March, the government of Mexico took control of one Oceanografia, one of Pemex’s key service providers, after allegations of fraud.
State-owned Pemex suspended Oceanografia from all existing and new contracts after finding inconsistencies in how Oceanografia billed.
New York-based Citigroup said a review of loans to Oceanofrafia showed that the company had actually posted only $185 million in collateral and not the $585 million the bank had relied on.