Petroleos de Venezuela (PDVSA) is, without a doubt, the largest corruption scheme of the XXI century. The latest chapter is a deal dated 11 September 2017 with Chemplast Steel Industries Metals Ltd, yet another shell company (Nevis incorporated) controlled by Esmeralda da Silva (full name Esmeralda del Carmen da Silva Izquierdo), whereby PDVSA commits some 28 million barrels of oil for the duration of the contract (36 months). At today's prices, that's about $1.93 billion.
Chemplast Steel Industries Metals Ltd in turn agrees to market increased production of the Urdaneta Lago field. Under a different service agreement mentioned in contract, and signed 5 May 2017, between Compañía Anónima Militar de Industrias Mineras, Petrolíferas y de Gas (CAMIMPEG) and Southern Procurement Services Ltd. (SPS), SPS commits to raise production in designated field, by some 11,630 BPD in September 2017 through to 38,460 in February 2020.
Hence, whatever extra output is raised by Southern Procurement Services Ltd. in the period, is to be marketed by Chemplast. Manuel Chinchilla da Silva, half brother of Esmeralda da Silva, controls both Chemplast and SPS. Apart from self-generated hagiography, Chinchilla (let alone the half sister) lacks a track record in the sort of oil services he's offering. His shell companies are meant to replace, erm, Halliburton and Schlumberger according to press reports in Venezuela.
Chinchilla placed Esmeralda as head of one of the most elaborated shell companies network seen by this site:
- In March 2013, Nelson Rodolfo Pineda Roldan incorporated a shell called RODIN Management Inc. in Nevis. RODIN was in turn owned by a Nevis Trust called Jema Family Trust No 2.
- In August 2014, Esmeralda set up a New Zealand trust, called Jema Family Trust No 1. Esmeralda is represented by NZ's Trident Trust Co. Manuel Enrique Chinchilla da Silva and Jenny Gabriella Pineda are primary beneficiaries. Nicolas Andres Nefiodow Pineda and Valeria Gabriela Chinchilla Pineda would become beneficiaries upon the death of primary ones. The protectors designated are Nelson Rodolfo Pineda Roldan and Hilda Beatriz Morales de Pineda (Chinchilla's in-laws).
- In August 2014, Jema Family Trust No 2 transfered its only asset (RODIN) to Esmeralda's Jema Family Trust No 1.
- In January 2015, Jema Family Trust No 1 registers a Deed of Gift, whereby Esmeralda donates property to the trust. The property is formed by the following companies: SCZ Group Inc. (Nevis) which controls; Zhineng Jiaoyi Limited (Hong Kong), Chuan Yi Kong Gu Limited (Hong Kong), Chemplast Steel Industries Metals Ltd (Nevis), Chemplast Industries LLC (USA), Redmond Ventures Inc S.A. (Panama), Schur-Chem Inc (USA and Panama), Bluecarp Brokers and Shipping Company S.A. (Panama), Alnas Americas Corp. (Panama).
- In December 2015, Esmeralda was appointed as Director of shell Chemplast in Nevis.
- In December 2016, RODIN changed its name to SCZ Group Inc.
- In December 2016, SCZ Group Inc. appears as the sole registered shareholder of Chemplast in Nevis.
- In July 2017, Jema Family Trust No 1 appears as the sole shareholder of SCZ Group Inc. in Nevis.
Chinchilla used UK-registered SPS in output-increasing service deal with CAMIMPEG. SPS is also owned by SCZ Group Inc.
No transparency or accountability can be expected from CAMIMPEG, which is basically a PDVSA-parallel structure controlled exclusively by Venezuelan military. In an attempt to placate possible enemies, Nicolas Maduro has given increased operational control of Venezuela's oil industry to the army. PDVSA on the other hand is controlled by a civilian-military mix of proxies of power brokers. While the new CEO (Manuel Quevedo) hails from the military, its VP (Ysmel Serrano) is a civilian.
Venezuela's Ministry of Petroleum announced in March 2017 two MoU's between PDVSA, Venezuela's Ministry of Defence, CAMIMPEG and Southern Procurement Services Ltd. The signatories were Eulogio del Pino (arrested) for PDVSA, Minister of Defence Vladmir Padrino Lopez, Gral. Alexander Hernández Quintana for CAMIMPEG and Chinchilla for SPS.
The deal to market new output described above however, was signed by PDVSA's VP Ysmel Serrano, and Esmeralda for Chemplast. Serrano has some pedigree in the corruption leagues. Chinchilla & co. have laid out quite the structure to carry on defrauding Venezuela. Questions about Esmeralda sent to Chemplast representative Hector Villasmil were not answered.
What due diligence was done on Chinchilla and his family? Why is the new PDVSA -meant to be combatting corruption- still relying on shell companies without track record? Serrano is kingpin Tareck el Aissami's proxy. Who is Chinchilla fronting for, Padrino Lopez?