impsa

The correct thing to do, in relation to billions of dollars reportedly schemed by a number of companies contracted to solve the power crisis in Venezuela, is to allow them to have their say. As such, I sent a few communications yesterday to IMPSA, an Argentine conglomerate whose activities have been singled out by Venezuelan experts as exhibit A of enormous overbilling in the execution of public infrastructure works. Case in point Tocoma, fourth dam in a series in the lower Caroní river, being built by a consortium (Odebrecht, Impregilo & Vinccler​) and in which IMPSA was the chosen contractor to build and install 10 Kaplan turbines.

Derwick Associates, the energy company involved in a mega corruption scandal, overcharged the Venezuelan State as much as $2.933 billion according to estimates from energy expert Jose Aguilar. In an interview with INFODIO, Aguilar argued that Derwick Associates is the "tip of the iceberg" in a considerably larger swindle that could have cost Venezuela in excess of $23 billion. Aguilar named names of international corporations taking part in the scheme: Argentina's IMPSA, Spain's IBERDROLA and Duro Felguera, France's Alstom, China's CMEC and Sinohydro, Germany's Ferroostaal, Thailand's TSK, as well as American Waller Marine.