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PDVSA Insurance Vanished into the Bermuda Islands

Nearly 70 million of the state oil company insurance was in a limbo, which could well explain why the authorities did not collect any compensation for the explosion of the Amuay refinery.

26/11/2011 0:00:00

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Paradise Papers

At least 66.7 million dollars of Petróleos de Venezuela (PDVSA) insurance disappeared from the map. An unexpected turn shows that the state-owned company deposited the money precisely in the same offshore company in which Francisco Illarramendi transferred - and then lost - part of the pension fund of the oil industry workers.

The official story recalls that in 2011, this ambitious Venezuelan-American broker ended up declaring himself guilty of structuring a Ponzi scheme in which he had no way to replace some 540 million dollars that made up the savings fund of PDVSA retirees. The new leak of documents known as Paradise Papers shows that PDV Insurance Company, a subsidiary of PDVSA registered in the Bermuda Islands as its main insurance company, placed funds in the same bag, which had the same fate, they vanished.

A complex triangulation of operations, coordinated by Illarramendi, succeeded in placing shares in several financial operators, including Fractal Fund Management, to which the Securities and Exchange Commission of the United States of America (SEC) froze 170 million. In that company of Venezuelan Moris Beracha, at least 66.7 million dollars of the state oil company were stranded.