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UPDATED - New foundation Nynässtiftelsen under OFAC's Venezuela sanctions remit

UPDATE 30/05/2020 - In another chapter of the Nynas saga, we learn that Nynässtiftelsen, the new foundation PDVSA proposed to Treasury to complete reorganisation process, is controlled by Bo Askvik, Nynas' CEO. To recap: Nynas called in administrators due to Treasury's sanctions against PDVSA / Nicolas Maduro's regime. Sanctions were blocking Nynas to get out of practical bankruptcy. Main reason was that PDVSA was the majority stakeholder in Nynas (50.001%). So what was Nynas to do in order to reorganise? Simple, Maduro's Dentons lawyers negotiated with OFAC to drop PDVSA stake in Nynas to 15%, passing remaining 35% to a new independent foundation, allegedly outside of PDVSA's control. Treasury then granted a license. Who's the Chairman of this new "independent Swedish foundation under no influence by PDVSA"? Nynas' CEO Bo Askvik. Who else is there? Maria Björkholm, Chefsjurist Nynas AB. Thus, Nynas will reorganise by forming a new foundation, managed by the same people that control Nynas.

Nynas, very generously, is to provide Nynässtiftelsen with SEK 8,000,000 (~$830,000) worth of capital. Interestingly, "If the foundation owns shares in Nynas through a subsidiary, the shares in the
subsidiary may not be sold, assigned, pledged or otherwise transferred to anyone."

OFAC will continue to have a say in these affairs. Another clause (13) states "A decision on application for permutation of the formation deed or implementation of an amendment in accordance with a permutation notice is valid only if it is supported by all members of the board and subsequently approved by Nynas and, if the foundation, directly or indirectly, owns shares in Nynas, by OFAC."

What this means is that PDVSA's proposed transfer of Nynas to a newco called PDVSA Rusia S.A. will also have to be approved by OFAC.

UPDATE 30/05/2020: Yesterday Nynas updated its board page. Oswaldo Javier Perez Cuevas, a close collaborator of Simon Zerpa Delgado and part of Tareck el Aisami's gang, was appointed as new PDVSA representative at Nynas. Fredrik Lundström (unknown in the industry according to sources) sits in both Nynas and Nynässtiftelsen boards.

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