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Defendants in the case brought by PDVSA US Litigation Trust are challenging its standing. It is the natural thing to do, considering parties involved in setting up the trust, and the fact that defendants' Trafigura, Glencore, Vitol, Lukoil, etc., very business model is precisely to find and operate in resource-rich, desperately-corrupt banana republics, like Venezuela.
Further to corrupt saga behind PDVSA US Litigation Trust, there is another action that has gone almost unnoticed: a Swiss criminal probe into the affair. A separate civil lawsuit in Florida (Sargeant, III v. Maroil Trading Inc et al - 9:17-cv-81070) provides some clues as to who is calling the shots in Switzerland, and further exposes David Boies' dodgy enterprise.
Continuing with the question of whether David Boies and Boies Schiller Flexner LLP (BSF) complied with FCPA, in the contract (Engagement Letter) with PDVSA that underpinned the formation of PDVSA US Litigation Trust, I should comment on another aspect of it: possible conflicts and waivers.
That Conoco lawsuit against PDVSA US Litigation Trust must have a lot of folks quite nervous. There are inaccuracies in particulars of claim, like the ultimate parent of Algamex in Isle of Man, or who exactly is behind the Trust.
Great news this AM: ConocoPhillips has sued PDVSA US Litigation Trust in New York. Only through this sort of litigation in the US can Venezuelans peek into the gargantuan corruption in PDVSA.
Remember that beautiful sailing boat owned by Bill Duker? It's called Sybaris.
The U.S. Department of Justice’s has subpoenaed Glencore, requesting transaction records in Venezuela since 2007. Glencore operations in Venezuela should really start with a “Who is Roberto Wellisch?” In his native Argentina, what Wellisch does for a living is called coimas-gate, a Glencore specialty.
David Boies not only acts as PDVSA US Litigation Trust counsel. According to three people familiar with the case, aside from legal fees, Boies is to get 22% of the 66% gifted by PDVSA.
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