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  HOME | Venezuela (Click here for more Venezuela news)

In Crisis, Venezuela's PDVSA Gets Second Board of Directors in a Month


CARACAS -- After naming a new PDVSA Vice President of Finance, Iris Yari Medina Fernandez, Venezuela has now named a new Board of Directors for PDVSA, putting in Medina Fernandez and removing her predecessor Iliana Ruzza.

Executive Vice President Ysmel Serrano was also removed from the Board.

He is listed as one of the leaders of a multi-billion dollar bribery scheme documented in the PDVSA US Litigation Trust lawsuit going on in U.S. Federal Court in Miami.

PDVSA also got two more External Directors: Ricardo Jose Menendez Prieto and Rodolfo Clemente Marco Torres.

Both Menendez and Brigadier General Marco Torres were external Directors until the May 3 changes.

"They are now yo-yo'd back onto the Board after a little over a month off," wrote Russ Dallen of investment bank Caracas Capital in a report to clients. "These frenetic movements betray a clueless government in panic as oil production crashes below 1.4 million barrels per day and corruption, incompetence and creditor actions infringe on export capability."

The PDVSA Board of Directors now contains 14 members, up from the 13 on last month's Board.




Here is the Board appointed just last month on May 3, so you can compare the changes.

 

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