Derwick Associates has an account in Davos International Bank

 I have followed with care the performance of Petroleos de Venezuela under the current regime. I have written about their inept management, their faulty strategic planning and the high level of corruption that seems to exist in their operations and finances and have dedicated several articles to the case of the offshore drilling barge Aban Pearl, without ever having any reaction from the Venezuelan regime or from the public officers who should be investigating the case. I have also written about numerous other contracts given to relatives of PDVSA managers or to ghost companies, about the pension fund assaulted by PDVSA “advisers” and about the madness of converting PDVSA into an outfit that imports chickens, produces yucca and raises pigs. 

I am following with attention the relationship of PDVSA with a company called Derwick Associates and have written several articles wondering how a small, inexperienced company can obtain such huge, no-bid contracts, essentially acting as an intermediary for companies that have the equipment for sale and can do the engineering jobs stipulated in the contracts. Based on my experience in PDVSA I am convinced that this relationship is not desirable for the nation. As in the case of the Aban Pearl allowing an intermediary to obtain profits makes the operation much more expensive for the nation.  The contracts are highly lucrative for individuals but are damaging to PDVSA and to our national treasury.  Without any personal antagonism against these individuals, just based on principles, I feel this relationship should be carefully investigated a soon as there is a new government in place, becaue it is apparent that this government is involved in this modus operandi. It is a relationship which lacks transparency and which involves over one billion dollars in no bid contracts.

A recent legal action brought by Mr. Thor Halvorssen-Mendoza against Derwick Associates has added to the question marks about this relationship. The action claims, among other things, that Derwick Associates is a client of the Davos group. This assertion has been refuted by the Davos organization, to the effect that they have no relation whatsoever with Derwick Associates.

 I have information that would indicate otherwise. A proposal by Derwick Associates to sell Electricidad de Caracas gas turbine generators includes instructions for the eventual transference of any payment funds to an account of Derwick Associates in Panama-based Davos International Bank, giving the number of its account in that bank. Obviously, if Derwick  Associates has an account with Davos International Bank  they should not/ could not argue that there is no relationship between them.

    I entered the website of Davos International Bank, see: https://www.davosbank.com/DIBS_DAVOS_BANK/index.html , and noticed that it refers the reader to the  Davos Financial Group, pointing to a link between the two.  I had a cordial telephone conversation with Mr. Andres Coles, from Davos Financial Group, who promised me some details about this link, and explained to me that the bank is a separate entity from Davos Financial.  Still, the bank is owned by the Davos Group.

The disclaimer by Davos seems, therefore, to be incorrect.