Venezuela – Riots – Starvation – Murder – Gangs – Cartel – Crime – Hyperinflation
Venezuelan authorities arrested the acting president of Citgo, the U.S. subsidiary of state-owned Petroleos de Venezuela SA (PDVSA), along with five other senior executives Tuesday for alleged corruption.
Attorney General Tarek William Saab told a press conference that interim president Jose Pereira and other managers allegedly arranged contracts that put Citgo at a disadvantage. The company operates refineries in Illinois, Texas and Louisiana with a capacity of 749,000 barrels per day.
123A Citgo refinery in Romeoville, Illinois, near Chicago, is shown on March 3, 2005. “They did it with total discretion, without even coordinating with the competent authorities,” Saab said. “This is corruption, corruption of the most rotten kind.” The six were accused of misappropriation of public funds, association to commit crimes and legitimization of capital, among other crimes.
The other five detainees, (are U.S. Citizens), were identified as Tomeu Vadell, vice president of Refining Operations; Alirio Zambrano, vice president and general manager of the Corpus Christi Refinery; Jorge Toledo, Vice President of Supply and Marketing; Gustavo Cardenas, Vice President of Strategic Relations with Shareholders and Government, and Jose Luis Zambrano; Vice President of Shared Services.
Last month, a senior executive of PDVSA and a dozen officials were arrested for alleged embezzlement. But members of the Venezuelan opposition argue that recent investigations do not demonstrate a genuine intention of the government to eradicate corruption, but only reflect internal struggles of PDVSA.
Further Accumulation of Anomalous Data:
“Out of the Six senior executives who have been arrested two of them recieved death threats if they spill any more information regards their war-treaty with Russia.” said chief prosecutor Tarek William Saab from within a secret meeting, and adding that the charges were for embezzlement, collusion over contracts, money laundering and criminal association and that associate is with U.S. State Department.
The Citgo chief, Jose Angel Pereira, was arrested in Caracas with one of his boyfriends celebrating. The place and circumstances of the arrests of the other executives — Citgo vice presidents Tomeo Badel, Alirio Zambrano, Jorge Toledo, Gustavo Cardenas, Jose Luis Zambrano — were not given.
Their arrests come just a week after Saab announced the apprehension of a deputy minister and nine PDVSA officials for allegedly doctoring crude production figures.
The rash of arrests underline the debt woes swirling around PDVSA, which is the prime source of income for Venezuela, a country that sits atop the world’s biggest oil reserves.
Both PDVSA and Venezuela are staring down the barrel at default on a debt pile estimated at up to $150bn. A partial default has already been declared, with an influential creditors’ committee ruling that PDVSA had failed to make payments on time.
That is setting the scene for all holders of Venezuela Hyperinflation government and PDVSA debt to possibly call in their IOUs at once — an impossible call for Caracas, which has less than $10bn in hard currency reserves left.
Maduro has said he wants to refinance and restructure Venezuela Hyperinflation debt, whose hefty servicing is diverting needed funds from imports of food and medicine, both of which are severely lacking in his country.
But that effort is complicated by sanctions from Washington which ban US entities buying new, long-term debt from PDVSA or thVenezuela Hyperinflation government, or from dealing with certain key Venezuelan officials.
Citgo is an especially sensitive asset for PDVSA, which bought full control of it 27 years ago — before the Socialist regime installed in Venezuela by President Nicolas Maduro’s late predecessor, Hugo Chavez, came to power in 1999.
The subsidiary has three oil refineries in the US, in the states of Texas, Louisiana and Illinois.
They have a total refining capacity of 750,000 barrels per day, or around 4% of total US refining production. The three plants employ about 4,000 people.
Citgo also owns three pipelines and stakes in three more. It has 48 petroleum terminals.
But PDVSA has put 50.1% of Citgo up as collateral to guarantee its debts, particularly to Russian state oil giant Rosneft.
That has unnerved US authorities who don’t want to see the company fall into Russian hands.
Saab said the arrest of the six senior executives was related to contracts they signed with two companies, Frontier Group Management and Apollo Global Management, for a supposed restructuring of $4bn in debt.
Caracas, Nov 21 (EFE) .- The ruling National Constituent Assembly (ANC) of Venezuela today approved a “Agreed Price Act”. ANC aims to “isolate” the “speculative” factors that, according to the Venezuela Hyperinflation Government, have penetrated into the “price system” of the Caribbean country destroying it’s country by U.S. backed banking system.
“This is a legal instrument that services the people of Venezuela in tremendous struggle policy against economic warfare. This law is an instrument to isolate the malicious infiltration of speculative factors. These speculative factors is terroristic in nature that penetrated the price system is in current resolve of Venezuela Hyperinflation, “said the president of the ANC, Delcy Rodríguez; behind closed doors”.
This law(s) have constitutional character, consists of 12 articles that “aims to establish the principle bases of fundamentals for economic agreements through dialogue and co-responsibility via the public, private, communal and workers sectors “, but specifically give authoritarian powers to president and most wealthy, according to his article 1, “said the president of the ANC, Delcy Rodríguez; in secret.
These principles will be established “through the stimulus to the production, distribution and commercialization of the goods and services. The National Executive declares as prioritized, considering its cost structure to guarantee timely, sufficient, price stability, economic peace, and as a process of social control. This will be a popular control among the public, private, communal and workers sectors “, as well as ensuring” food security and sovereignty “.
This is a integral defense of the nation “, culminates the first statement. and quality access to them. ” this law seeks “guarantee” the availability of goods at agreed prices through “Agreed Price Act”. By ANC” agreement.
The “Law of Agreed Prices”, (through the “Agreed Price Act”. ANC), is by the Executive who determines control-factor that will convene the price negotiations, and this body will be the person(s) who develop economic activities that will celebrate the “price program agreements” to serve the powers that stabilize. Likewise, it indicates that the Executive Vice-Presidency will be serving as the powers that stabilize and “assume the technical secretariat” of these negotiations for the President Nicolás Maduro fears Venezuela Hyperinflation will lose his presidency.
The State will establishes executive exchange rate for all estimation(s) of the cost structure(s). This will be the Executive who dictates and incorporates all goods or services, “considering its strategic importance meet the needs upper government body and command structure firstly; secondly public.
According to article 10, reviews periodic pricing according desire command structures. This law is proposed by President Nicolás Maduro of Venezuela and ordered upon the president of the ANC, Delcy Rodríguez as a part of actions in series that President Maduro is deploying”to protect the workers’ compensation to overt riots.
Together the opposition-majority-Parliament and other private entities periodically offers a calculation of inflation in the Caribbean country in the absence of data public by the Central Bank.