Message to INFODIO readers: investigative journalism, which is what this site does, takes lots of time. Visiting media looking for a quick run down on Venezuela's gargantuan corruption, have the decency to at least cite the source when plagiarising this site's content without attribution (exhibit Reuters here and here, exhibit Bloomberg here, exhibit OCCRP here). To all readers, do the right thing, the honest thing: support independent investigative journalism, help us expose rampant corruption. Note added 28/06/2021: impostors are using INFODIO's former editor's full name, and a fake email address (alek.boyd.arregui at gmail.com) to send copyright infringement claims / take down requests to web hosting companies (exhibit Hostgator). The attempt is yet another effort paid by corrupt thugs to erase information about their criminal activities. Infodio.com has no issues with other websites / journalists using / posting information published here, so long as the source is properly cited.
Further to previous article about the kind of solution that could realistically be put in place to deal with Venezuela's crisis, perhaps it's worth expanding on strategy. Lots of people are thinking drones, or military invasions are the only way. But before the first Hellfire drops, OFAC should SDN / SSI PDVSA, and every subsidiary, including CITGO. Assets in the Caribbean and Nynas could be added for good measure.
Many years ago, when Venezuela wasn't notorious internationally for a chavista-made humanitarian crisis but for having a loquacious leader that broke protocol wherever he went, I argued in an article that, ultimately, the end of chavismo could only come about by offering some sort of amnesty, pardons, and compromise to some of the most hated chavista officials and boligarchs in the country. History contains many examples. Seldom peace has been achieved by waging war.
Petroleos de Venezuela (PDVSA), lest our American friends forget, is the principal engine of whatever is left of Venezuela's economy. It has always been thus. Whatever happens with / to PDVSA, is a matter of great significance to / for Venezuela and its citizens. PDVSA launched in Florida and Switzerland competing fraud claims -against Glencore, Trafigura, Vitol, Lukoil, etc.- in what its legal counsel presented as one of the largest corruption schemes to hit the energy giant. A scheme that, allegedly, lasted years and cost the company billions in losses.
Venezuela is, again, in vogue. Is not Hugo Chavez calling George W. Bush names from an U.N. pulpit, but the actions of his Havana-picked heir, Nicolas Maduro. Maduro has all the power that Chavez... Let me rephrase: Maduro has more power than what Chavez could ever amass. Maduro has consolidated a narco trafficking, dictatorial, galloping kleptocracy and has vested himself, and his collaborators, with power quotas beyond democracy's and rule of law reach. Normal rules just don't apply to Maduro and his criminal organization. He can't be voted out, dismissed, impeached, or taken to court.
Nicolas Maduro is keen on continuation with rampant corruption: not content with partnering with OFAC-sanctioned kingpins to "boost" PDVSA's output, he ordered formation of PETROSUR, a new 60/40 joint venture between Corporación Venezolana de Petróleo (CVP- affiliate of PDVSA) and Inversiones Petroleras Iberoamericanas Ltd, a €1,000 Cyprus shell controlled by Alejandro Betancourt, through a
Great news: the court has unsealed the Engagement Letter, between PDVSA and Boies Schiller Flexner LLP, which sets the rules for establishment of PDVSA US Litigation Trust. This is but confirmation of what this site published a while ago.
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