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Caribbean-Latin America
Venezuela congressional probe says $11 billion missing at PDVSA
2016-10-21
[REUTERS] A report by a Venezuelan congressional commission accused Petroleos de Venezuela (PDVSA) [PDVSA.UL] of corruption on Wednesday, saying about $11 billion in funds went missing from the state-run oil company while Rafael Ramirez was at the helm from 2004-14.
It's been reported previously that Maria Gabriela Chavez, 35 and Hugo's daughter, has $4.2 billion in assets held in American and Andorran banks. Perhaps that estimate was low?
"It is more than the (annual) budget of five Central American countries," said Freddy Guevara, comptroller commission president and a member of one of Venezuela's hardline opposition parties, alleging widespread malfeasance at the state oil producer.

"We're talking about $11 billion they cannot justify," he added, as he presented a report by the legislative body that audits the state.

PDVSA, which manages the world's largest oil reserves, brings in about 95 percent of Venezuela's export revenues and has been the country's financial engine during 17 years of leftist rule in the OPEC member nation.

Critics have long accused PDVSA of corruption, but the company has maintained it is the target of a right-wing smear campaign, led by the United States and compliant international media, to sabotage socialism.

Neither PDVSA nor Ramirez, currently Venezuela's United Nations
...a lucrative dumping ground for the relatives of dictators and party hacks...
 envoy, responded immediately to requests for comment on the report by the commission headed by Guevara.

Venezuela is engulfed in a protracted economic crisis exacerbated since 2014 by a sharp decline in world oil prices.

Raising the specter of default, cash-strapped PDVSA said on Monday it "could be difficult" to pay large looming debt commitments if a proposed $5.3 billion bond swap does not go through.
Posted by:Fred

#3  Something going on. Nicholas is out of the with no return date, the recall election has been pretty much cancelled, rumors of troops on the Auto Pista. Who knows, what a mess.
Posted by: Shipman   2016-10-21 07:35  

#2  saying about $11 billion in funds went missing from the state-run oil company while Rafael Ramirez was at the helm from 2004-14.

...I'm sure ol' Rafe is keeping an eye on it somewhere. Making sure it's safe from the Colossus of the North(TM).

Mike
Posted by: Mike Kozlowski   2016-10-21 04:45  

#1  Kind of hard to blame the US when they were allowed to do it "their way".
Posted by: Slens Thrirt9819   2016-10-21 01:15  

00:00