viernes, 27 de enero de 2017

Murky company wins appeal against Venezuelan gangsters

Not only good guys are winning arbitrations against Petroleos de Venezuela. In 2009 an affiliate of Petrosaudi International, a company created by financial speculators to make “good” deals, signed a contract with Petroleos de Venezuela, a state-owned oil company gone rogue, to rent an offshore drilling barge. Knowing the bad credit history of the oil company the speculators from Petrosaudi included in the agreement a letter of credit governed by English law designed to secure payment from the Venezuelan company. Under the provisions of this contract Petrosaudi conducted drilling services for Petroleos de Venezuela and billed them  some $130 million but Petroleos de Venezuela failed to pay and Petrosaudi went to arbitration. The contract contained two terms designed to secure payments if the case went to arbitration. One was a “pay now, argue later” and another was a clause allowing payment on presentation of the invoices. Initially arbitration favored Petroleos de Venezuela but, on appeal, it favored Petrosaudi. Therefore, the Venezuelan oil company has been sentenced to pay Petrosaudi the amounts owed, see:
The company Petrosaudi has been linked to the  1Malaysia Development company,  financial and political scandal, involving Malaysia's Prime Minister, Najib Tun Razak, who has been accused of channeling over RM2.67 billion (nearly USD 700 million) from 1MDB, a government-run strategic development company to his personal bank accounts. In 2009 and 2010 this company signed contracts with Petroleos de Venezuela which were extremely unfavorable to Venezuela and which should be investigated by international anti-corruption agencies, following the information published by the Sarawak report, see: and by this blog, see:

This is one more chapter in the hyper-corruption saga of the Venezuelan oil company ruined by the Chavez/Maduro governments during the last 17 years of thievery and mismanagement.  

1 comentario:

Anónimo dijo...

Massive Corruption is everywhere in Venezuela.

The day some people begin to understand that, they understand everything about Kleptozuela.

It's simply a Kleptocracy, at its finest, this century. Look it up in Google. Cleptocracia.

Not even a Dictatorship, or pseudo-democracy, or "socialism" or whatever. Nope. A bunch of THIEVES getting very rich, decade after decade. At whatever cost. Dealing drugs, or dealing food, or oil, same difference. Comprende?

And the Galactic Thievery is at ALL LEVELS, Everywhere. The minute you begin to understand that, you understood Venezuela. At the supermarket level, at the obreros and sindicalistas levels, at the mid-management, bogus contracts levels, at the high-management levels, bot Private and Public sectors, at the political levels, of course, but also non-political realms. EVERYWHERE. From the guy that offers to shine your shoes at El Cafetal to the Taxi driver that asks "una vainita ahi 'pal fresco", to the putrid military and police, to the average Pedro Ramos in Petare, that just stole some items down the road to re-sell them.

EVERYWHERE, at all levels. Not just the "government". The few honest people left the country long ago. And the very, very few honest people still left are both robbed and threatened every day and/or forced to BRIBE lots of people just to survive. Lots of Corrupt people, inspectors, guardias, everywhere.

Now you understand Kleptozuela, it's not just the "Chavista" government, or Maduro's thugs, no. It's MILLIONS of thieves robbing each other every day. Millions. Comprende? No laws 99% impunity, your neighbor is a thieve soon enough, YOU ether become a thief or you get the hell outta there like you - the readers - or I did.