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PDVSA US Litigation Trust, the farce brought by thug David Boies against Francisco Morillo, Helsinge, Trafigura, Vitol, Glencore et al was dismissed by Judge Darrin Gayles last Friday, for "lack of subject matter jurisdiction." The good thing is that Boies and his merry band of co-conspirators won't be able to steal 66% of whatever proceeds would've been obtained through that civil action in Florida.
Helsinge Inc, a little venture controlled by Francisco Morillo, Leonardo Baquero and Daniel Lutz that managed to win almost every single PDVSA bid in which it participated, stands accused of having defrauded billions of dollars from PDVSA. It did so for many years, through a remarkably simple method: it gained real time access to PDVSA's bidding system, which allowed itself and its partners (Glencore, Trafigura, Vitol, Lukoil, etc.) to place winning bids at the very last minute.
Picture the following: in recent visit to Washington, I proposed to Pedro Burelli -for many years esteemed friend- that, given that Juan Guaidó's interim administration was looking to recoup lost funds to help with Venezuela's reconstruction, legal counsel of PDVSA in Geneva lawsuit against Helsinge, Trafigura, Glencore, Lukoil, Vitol et al ought to be replaced. Reason is simple: current one (Canonica) came to it thanks to Wilmer Ruperti.
So on Tuesday this week, sources reported that a Geneva court issued a ruling against Francisco Morillo and Helsinge, in a fraud case brought by PDVSA. Geneva's prosecutors launched a penal probe upon information on a large fraud scheme perpetrated by Morillo and Helsinge, in which some of the largest energy trading houses of Switzerland are involved.
I was going to write a bit about David Boies' latest attempt to keep PDVSA US Litigation Trust civil case alive in Florida. But a Twitter thread will do the trick just fine. Boies has more pressing issues, dealing with DoJ for one, which might explain his idiotic arguments.
Global Witness, self styled protector of "human rights and the environment by fearlessly confronting corruption and challenging the systems that enable it", is silent on PDVSA. As in absolutely silent. A search for PDVSA in Global Witness site returns one (1) result. Since 1993, which is when Global Witness claims to have started, nothing has been done regarding PDVSA's corruption, one that can very easily engulf all other corruption campaigns Global Witness has ever done put together.
Yesterday afternoon documents were filed in the docket of PDVSA US Litigation Trust v Lukoil, Helsinge, Glencore, Trafigura et al. Judge Alicia M. Otazo-Reyes concluded that David Boies / PDVSA Litigation Trust had no standing, that Boies "failed to support that it holds a valid assignment from PDVSA", and that Litigation Trust's formation was invalid as per current Venezuelan law. Pretty damning stuff (see pdf below). That was to be expected, of course.
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.