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.
Alek Boyd's blog
SCI Bucefalus and Guillermo Pardo involved in construction of 46-rooms hotel in St. Barts (source p. 4).
The email came from a fellow journalist at Colombia's W Radio, asking for information about Trenaco and/or Alex Saab. The issue at hand was a contract, believed to exceed $7 billion USD, that Petróleos de Venezuela (PDVSA) granted to Trenaco through subsidiary PetroMiranda. Readers of this site may remember my previous investigations into multimillion dollar fraud involving Saab and his Fondo Global de Construcción companies in Venezuela, Ecuador, Malta, Spain and so on.
South of the Rio Grande, only Venezuela can claim to have reached Olympian heights in the corruption leagues. Venezuela is where grand theft has become institutionalized, and more importantly, perhaps the only country in the region -apart from the Cuban dictatorship- where stealing billions of dollars has no consequences. None.
[Scroll down for updates] To be perfectly honest folks, I didn't see this one coming, consequence I think, of having shed many years ago the paranoia that almost every Venezuelan carries like a second skin. I thought I was safe in Central London. Until Monday morning, when some thugs most probably sent by chavismo and/or its boligarch associates broke into my flat and stole my laptops. They didn't take my wallet, money, valuables...
There are many things we still don't know about Derwick Associates, but there's one we do know: Alejandro Betancourt (left), Pedro Trebbau and Jeff Canon (right) swindled -at the very least- $70 million USD from the Venezuelan State.
Lazard, an old investment bank from France that operates around the world, has been retained by PDVSA to sell CITGO. Lazard describes itself as "the world's leading independent financial advisory and asset management firm." A document leaked to this website provides the best-to-date insight into Lazard's relation with PDVSA on the specifics of CITGO:
The Wall Street Journal's Caracas' man, Ezequiel Minaya, posted an article a couple of days ago entitled "Venezuela's Press Crackdown Stokes Growth of Online Media", in which he lays out some of the problems the Venezuelan press is experiencing.
"... money is the name of the game here..." said Peter Fritsch during a panel discussion at the Wilson Center on how to (cue in drum roll) disrupt money laundering.