Message to INFODIO readers: investigative journalism, which is what this site does, takes time. Lots of time. Time is money. Regular visitors from banks' compliance departments, media, academia, and law enforcement, are encouraged to donate generously to our efforts. To all readers, do the right thing, the honest thing: support independent investigative journalism, help us expose rampant corruption.

pdvsa

New PDVSA partner EREPLA: OFAC has last word

Further to infodio's exclusive about a joint services and offtake agreements signed between PPSA and EREPLA Services LLC, replies to request for comments put to Harry Sargeant have been received from Ali Hasan Rahman (see below). As per Hasan Rahman's comments, OFAC has the last word on the deal.


"As Director of EREPLA Services LLC and EREPLA Trading LLC, I would like to respond to the email that you sent Mr. Sargeant last week.

In response to your specific questions:

Breaking: PDVSA partners with Harry Sargeant to ramp up oil output

Sources in Venezuela report that PDVSA has entered into a service agreement with an American company, allegedly controlled by Harry Sargeant. While no formal announcement has been made, chavista source Aporrea informed on Thursday that PDVSA had penned 14 new deals to ramp up production by 1.025 MBD in 14 different fields, as previously announced by this site back in August.

Sources: Swiss court rules for PDVSA in criminal case against Helsinge

A penal court in Geneva has ruled in favour of PDVSA in case brought against Helsinge, according to sources. A criminal investigation was launched in early March this year, following complaint filed on 13 February with Geneva's Public Prosecutor's Office by Swiss law firm Canonica Valticos de Preux. It remains to be seen how the ruling will affect energy trading houses Glencore, Trafigura, Vitol, Lukoil and others involved with Helsinge, and indeed the Florida case of PDVSA US litigation Trust.

Source: Pedro Binaggia helped launder 1.5bn through EFG

A source has informed this site that Pedro Binaggia, banker to fugitive Francisco Convit in a $1.2 billion money laundering scheme centered at PDVSA, was instrumental -in bringing to Switzerland's bank EFG International- as much as $1.5 billion as part of a previous money laundering exercise, involving PDVSA, Rafael Ramirez, Juan Andres Wallis, Danilo Diazgranados, Nervis Villa

PDVSA 1.2bn Money Laundering Scheme: Abraham Ortega pleads guilty, more to come...

The U.S. Deparment of Justice announced yesterday that Abraham Ortega, a former PDVSA finance exec, pleaded guilty: "Former Executive Director at Venezuelan State-Owned Oil Company, Petroleos De Venezuela, S.A., Pleads Guilty to Role in Billion-Dollar Money Laundering Conspiracy" A Factual Profer of case (1:18-cr-20685-KMW) was released with the announcement (see below).

PDVSA 1.2bn money laudering case: conspirators named

Further to embezzlement of $1.2 billion from PDVSA, for which U.S. Department of Justice indicted Francisco Convit and Matthias Krull, the full list of named conspirators (see below) has been leaked to this site. Expectedly Derwick Associates execs are all involved, as well as other equally criminal Venezuelan "businessmen", PDVSA officials and, even, Nicolas Maduro.

Why hasn't DoJ arrested Rafael Ramirez? Exhibit Andorra

It wouldn't be an exaggeration to say that Rafael Ramirez, former concurrent Energy Minister and CEO of Petroleos de Venezuela (PDVSA), basically managed Venezuela's income between 2004-2014. While at the helm of PDVSA, over $1.2 trillion got past his hands. Ramirez is even on the record, admitting that he oversaw transfers between PDVSA and the Venezuelan State worth some $480 billion.