One startup lists as its address a small home in a working-class district in Venezuela's capital whose owner has never heard of the firm. Another is a Hong Kong-based shell company created in 2020. Yet another belongs to a Spanish commodities trader...
They are among the dozens of obscure middlemen and go-betweens at the center of a new crackdown in Venezuela on corruption in the state-run oil industry that has government insiders scurrying for cover. At the same time, regular Venezuelans are asking how more than $20 billion in proceeds from oil shipments seemingly vanished.
An entrenched culture of corruption and the inherently opaque nature of trading illegal crude oil take malfeasance to another level. “As a revolutionary militant, I place myself at the disposal of the socialist party leadership to support this crusade …. against the anti-values that we are obliged to fight, even with our lives,” El Aissami tweeted to announce his surprise resignation as oil minister.
PDVSA’s reliance on intermediaries surged in 2020, when the Trump administration expanded sanctions with the threat to lock out of the U.S. economy any individual or company, regardless of nationality or location, that did business with Maduro’s government. Among those on the delinquent list is Walker International DW-LLC, which owes PDVSA about $77 million, according to the internal documents. The company is registered in the United Arab Emirates but lists as its Venezuela address a modest house almost at the foot of the mountain range that separate Caracas from the Caribbean Sea.
A small lock keeps shut the rolling garage door with a message that instructs drivers not to block it.The broker with the largest debt is M and Y Trading Co. Little is known about the company, which was registered in Hong Kong in late 2020. But it owes PDVSA more than $1.2 billion, according to the internal documents, which someone knowledgeable about the transactions shared with AP on the condition that they remain anonymous.
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