PDVSA Pension Ponzi: Venezuelan justice says ‘yawn’
May 24, 2012 · 4:28 pm
Francisco Illarramendi has admitted to taking almost a half-billion dollars from the pension fund of Venezuelan state oil company PDVSA and dumping it into a Ponzi scheme. One might expect the Venezuelan justice system to be interested in the case.
César Batiz writes in El Mundo Economia y Negocios today that this isn’t the case. My translation. (ver artículo en post previo)
Just to add a little note here: The US-appointed receiver in the Illarramendi case filed a suit to get as much as $171 million back from Moris Beracha and some related companies and other entities, who had business dealings with Illarramendi. Beracha says the business was legitimate.
Now, Beracha and his lawyers are trying to get the case moved to Venezuela, on many grounds: the US justice system doesn’t understand Venezuelan finance, the witnesses are in Venezuela, Beracha isn’t a US resident, the money involved never went to the US, among other things.
(In case you are really interested in the case, here is Beracha’s own statement on the jurisdiction issue. I know a lot of people arrive here after searching for his name, so consider this a favour.)
Gotta wonder, though. By dismissing the whole Illarramendi case without a trial — even after he has already pleaded guilty in the USA — are the Venezuelan courts demonstrating that they are competent to deal with such things?
settysoutham.wordpress.com/2012/05/24/pdvsa-pension-ponzi-venezuelan-justice-says-yawn/
Nota: Encontrará en el link, las referencias a que hace el artículo.
UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF CONNECTICUT
JOHN J. CARNEY,
Plaintiff,
v.
MORIS BERACHA; 4A STAR CORP.;
BRADLEYVILLE, LTD.; BRAVE SPIRIT, LTD.;
DOBSON MANAGEMENT CORP.; EAST
COAST CONSULTING CORP.; FRACTAL
FUND MANAGEMENT, LTD.; FRACTAL
FACTORING FUND; FRACTAL L HOLDING,
LTD.; FRACTAL P HOLDING, LTD.;
FRACTAL FACTORING II; HERMITAGE
CONSULTANTS, INC.; LA SIGNORIA ASSETS
CORP.; NETVALUE STRATEGY, S.A.;
NORTHWESTERN INTERNATIONAL, LTD.;
ROWBERROW TRADING CORP.; and SUNNY
SERVICES CORP.,
Defendants.