From the Editors of VenEconomy
The scandal over the embezzlement of the PDVSA Workers’ Pension Fund is back in the news, and with a vengeance, thanks to the revelations of legal actions filed with a court in Connecticut (USA) by the receiver of the companies belonging to Francisco Illarramendi, where millions of dollars disappeared in a Ponzi scheme.
It turns out that the receiver appointed by the Connecticut court to recover the funds that investors lost has filed four extraordinary billionaire lawsuits in the last few days.
The first has been filed against PDVSA’s former corporate manager for finance, investment and property insurance and PDVSA’s pension fund, Juan Montes, for accepting bribes and other fraudulent transactions amounting to a “mere” $35,744,561.
The second is against another five individuals for illicit earnings of some $29 million.
The third names the Venezuelan Moris Beracha and affiliates for numerous suspicious transactions with Francisco Illarramendi and the Judicial Administration Entities for the spectacular figure of $171 million.
And, beating all the above, legal action is also being taken against Francisco Illarramendi and his family for $300 million!
Despite the fact that these are public charges involving hundreds of millions of dollars in corrupt and illicit transactions, the General Prosecutor’s Office, the Comptroller General’s Office, PDVSA’s Internal Comptroller’s Office, and the Venezuelan courts have maintain total silence, and even the gagged national press has played them down, giving them just a brief mention on the inside pages.
For anyone wishing to obtain more information on this matter, VenEconomy suggests they visit the blog “Devil’s Excrement” at http://devilsexcrement.com
VenEconomy has been a leading provider of consultancy on financial, political and economic data in Venezuela since 1982.
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PDVSA Ponzi Scheme's US Receiver Sues to Recover $550 Million for Venezuela