http://devilsexcrement.com/ February 7, 2012
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Only in Venezuela and the revolution can there be so much irresponsibility, US$ 475 million missing and it was nobody’s fault.
But today, the receiver for the MK Funds, the funds that were involved in the Ponzi scheme, the man who is in charge of trying to recover the investors money, brought suit in US Court in Connecticut against “Juan Montes, corporate manager of finance, investments and property insurance at PDVSA and its pension funds” for receiving bribes and other fraudulent transfers in the amount of…drum roll…US$ 35,744,561. Yeap, you read it right thirty five million dollars…in bribes…in only five transactions.
Only in Venezuela…
Just to make it clear and put it in black and white: The PDVSA funds lost almost half a billion dollars and just one PDVSA official, functionary, whatever, received bribes in the process for US$ 35.7 million dollars. Pocket change, no? No wonder investigators found nobody responsible.
Such are the ways of the Chavez revolution.
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But what the receiver seems to be saying is that PDVSA sold dollar securities for Bolivars to Illarramendi’s funds at the official rate of exchange and Illarramendi’s funds resold those dollars at the parallel rate of exchange, essentially arbitraging the Government via PDVSA. The difference was as much as Bs. 4, 5 or even Bs. 6 per dollar depending on when these transactions took place. Just recall that when the Government banned the permuta market, the “official rate” was at Bs. 2.6 per dollar , while the parallel rate was near Bs. 8 per dollar.
And this is where these bribes apparently came from, from the huge difference between the two. Buy a million dollars with Bs. 2.6 million, sell the dollars for say, Bs. 8 per dollar, the difference (8-2.6)=Bs. 5.4 million was pure profit. 207% profit to be more precise.
And we are to believe nobody else knew about this at PDVSA? Only Montes knew? He could have access to “official dollars” with nobody knowing?
Yeah, sure…
Ver el documento de la demanda en http://es.scribd.com/doc/80873253/Beracha