The U.S. Treasury Department finally sanctioned Diosdado Cabello, chavismo's most powerful man. Two of Cabello's proxies have also been sanctioned: Rafael Sarria and Pedro Luis Martin.
There's something rotten about PDVSA US Litigation Trust's legal adventures. If complaint filed by David Boies in a Florida court is to be believed, PDVSA entered into an agreement in July 2017 with Boies' law firm, tasked with suing 49 co-conspirators (Morillo, Baquero, Helsinge, Trafigura et al) in a fraud scheme said to have cost over $5 billion. The Engagement Letter, that set the conditions governing the parties' division of (possible) proceeds, remains hidden.
Further to previous post on Burford Capital and Wilmer Ruperti, the affidavit from Benjamin Patrick Ogden has some interesting details about Ruperti's web. Given that most of the information contained in it comes from a disgruntled Ruperti employee, it merits the sort scrutiny that this site regularly provides.
Readers of this site will know that Wilmer Ruperti is a topic of interest. To cut it short, Ruperti went from being a “tanker master”, to become the go-to-guy for all of PDVSA’s shipping needs. Quite a feat, assisted (as per Ruperti’s own claims) by Ali Rodriguez and Rafael Ramirez. In the process, of course, he made a fortune.
Further to sanctions imposed by the U.S. Treasury Office of Foreign Assets Control (OFAC) on Gazprombank Latin America Ventures B.V., a company formed by Boris Ivanov of GPB Global Resources B.V. and Francisco Convit and Orlando Alvarado...
Brazil's Estadao reports that Gazprombank set up a money laundering scheme in Switzerland with Derwick Oil & Gas.
Recently, oil related news about Venezuela have focused on the arrest of two Chevron employees. There were scant details about the arrested. Their names and nationalities have been misreported. Carlos Jose Algarra Villegas and Rene Adrian Vasquez Mora are accused of treason, by the chavista regime, for refusing to sign a no-bid contract -with usually highly inflated prices- for PDVSA - Chevron joint venture Petropiar. These two men stand no chance of redress for one simple reason: they're both Venezuelan nationals.
A batch of official documents related to Odebrecht contracts in Venezuela has been leaked to this site. It is quite the task to recall similar corruption schemes, anywhere on earth. In short, Brazilian Presidents Lula da Silva and Dilma Rousseff, as well as the highest echelons of the ruling Workers Party, acted as pawns in a gargantuan corruption scheme set up by Odebrecht.
Petroleos de Venezuela (PDVSA) is, without a doubt, the largest corruption scheme of the XXI century.
It doesn't get any more brutal than this really, a Florida Judge - U.S. Magistrate Judge Alicia Otazo-Reyes- is questioning the whole legality of PDVSA US Litigation Trust.
Further to recent lawsuit pitting PDVSA against some of world’s largest oil traders, leaked documents show that PDVSA wanted to establish a trading company in Geneva, under a “non-incorporated Joint Trading Venture” with Trafigura, one of the 49 defendants named in PDVSA’s lawsuit.
The U.S. Justice Department unsealed some charges yesterday related to a money laundering and bribery scheme involving some of the usual suspects exposed in this website: "Five Former Venezuelan Government Officials Charged in Money Laundering Scheme Involving Foreign Bribery"
Information about Banca Privada D'Andorra (BPA), a "primary money laundering concern" according to U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), continues to be published. The latest shows how BPA Serveis (chaired by Higini Cierco) was instructed by Eudomario Carruyo, Petroleos de Venezuela's VP Finance, to create a Panamanian shell corporation to get bribes.
Evidence has emerged that Derwick Associates paid bribes to Nervis Villalobos through Banca Privada D'Andorra. A "Consulting and Advisory Services Agreement" between Derwick Associates Corp. and INGESPRE (Nervis Villalobos' vehicle) was entered by the parties on 14 January 2010. The contract's recitals imply that Derwick Associates is a foreign concern "which does have an office in Venezuela and wishes to do further business there".
The Wall Street Journal was the first to report, in August 2014, on prosecutors from the Southern District of New York probing Venezuela's rampant corruption.
More on Derwick Oil & Gas. A document leaked to this site shows that Derwick Oil & Gas (the "Creditor"), a Barbados co owned and managed by Alejandro Betancourt and Francisco Convit, committed to give a $35 million loan to Gazprombank Latin America Ventures B.V. (the "Borrower"), a joint venture between Derwick and GPB Global Resources B.V., in turn a fully owned Gazprom subsidiary.
This post, intended for this site, originally appeared in my blog due to crippling DDoS attack. Do read updates about Rosneft at end of post. It was busy last week. As I was chatting to a source in Caracas last Monday, I noticed that this site was down.
UPDATED - Before getting to Fusion GPS associations to Venezuela, let me just say that that country is, by far, Latin America's most corrupt. Its president, Nicolas Maduro, has the unique distinction of being the "individual who has done the most in the world to advance organized criminal activity and corruption" according to the Organized Crime and Corruption Reporting Project (OCCRP).
For the past three/four weeks I’ve noticed a spike in Google searches for corruption-related Venezuelan names and PDVSA. Some of the world’s biggest and best known banks and accounting firms seem all too keen, suddenly, of finding out what’s going in Venezuela. It could well be related to PDVSA’s announcement of a $7 billion bond swap. But it could also be due to some persistent rumours about impending legal cases against PDVSA that could all but obliterate the company’s ability to meet its current international financial obligations, let alone future ones.
PLEASE READ UPDATE ADDED 03/04/2017 BELOW - It has become a custom. Unsupported information leaked to this site ends up being confirmed by official evidence. The latest puts to rest an extraordinary claim: that Derwick Oil & Gas was actually a silent partner of Russia's Gazprombank Latin America Ventures B.V. in its dealings with Petroleos de Venezuela (PDVSA).
Further to Bloomberg's reporting that Swiss authorities are collaborating with U.S. Attorney Preet Bharara's corruption probe into PDVSA and Derwick Associates, I posted an open letter, enclosed below.
Upon posting the latest bit of research on Luis Oberto’s real estate activities through proxies in St Barths, a request for comment was sent to Bruno Magras, President of St Barths’ Territorial Council (effectively the island’s government). Monsieur le Président did reply, with the following message (bold added):
Petróleos de Venezuela, or PDVSA as it is commonly referred to, is an oil conglomerate fully owned by the Venezuelan State. Despite much propaganda to the contrary, it was created in 1976, by then President Carlos Andres Pérez, as part of a nationalization policy drive that gave Venezuela full control of exploration, production and commercialization of its natural resources.
Read an updated version here. Petróleos de Venezuela, or PDVSA as it is commonly referred to, is an oil conglomerate fully owned by the Venezuelan State. Despite much propaganda to the contrary, it was created in 1976, by then President Carlos Andres Pérez, as part of a nationalization policy drive that gave Venezuela full control of exploration, production and commercialization of its natural resources.