{"id":2420,"date":"2016-04-06T11:06:10","date_gmt":"2016-04-06T11:06:10","guid":{"rendered":"https:\/\/armando.info\/?p=2420"},"modified":"2016-04-06T11:06:10","modified_gmt":"2016-04-06T11:06:10","slug":"chery-cars-a-great-deal-for-the-yammine-family","status":"publish","type":"post","link":"https:\/\/armando.info\/en\/chery-cars-a-great-deal-for-the-yammine-family\/","title":{"rendered":"Chery Cars - A Great Deal for the Yammine Family"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The \r\nChery car business is one that runs in Venezuela. Unlike the fate of other car \r\nmakes in recent years, which have disappeared from the local market, the Chinese \r\nmake cars are seen everywhere thanks to the support of the \r\nGovernment.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">Last \r\nyear alone, Nicol\u00e1s Maduro announced the purchase of 20 thousand Chery taxis, an \r\namount that exceeds the production of the seven private car assembly plants in \r\n2015. Massive imports of the make began with Hugo Ch\u00e1vez, especially between \r\n2010 and 2014. The former president was also a kind of supporter to start \r\nassembling Chery cars in the country.<\/p>\n\n\n<p class=\"wp-block-paragraph\">Today, \r\nthe initiative stands out as an example of collaboration between the public and \r\nprivate sectors. In March, Carlos Far\u00eda, Vice Minister of Industry, described it \r\nas an \"emblematic project\" and as \"a highly successful experience\". But what \r\nseems to be an example has been for the authorities - in financial terms - a \r\njuicy business for the Yammine group. The clan, headed by Sarkis Mohsen Yammine \r\nLeunkara, native of Lebanon, and Antonio Jos\u00e9 Yammine Saade and Mohsen Yammine \r\nSaade, born in Caracas and El Tigre, respectively, controls the \r\noperation.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">The \r\nentrepreneurs are old acquaintances of the Government and the military world. \r\nThey were in charge of carrying out the Tiuna project, a \"multipurpose\" car of \r\ntheir own stamp that makes the Venezuelan Armed Forces \r\nproud.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">Now, \r\nthe leaked papers of the Panamanian law firm Mossack Fonseca bare the plot \r\nbehind the Chery business. The investors created in Hong Kong and other \r\njurisdictions a corporate structure that allows withholding, in different \r\n\u201ccheckpoints\u201d established between the Venezuelan operation and the head office \r\nin China, portions of the currencies related to the acquisition of auto parts \r\nand assembly material.<\/p>\n\n\n<h2 class=\"wp-block-heading\">The Business Plot<\/h2>\n\n\n<p class=\"wp-block-paragraph\">The \r\nChery assembly in Venezuela began in 2011. \"A Venezuelan private company that \r\nwas willing to work with the Venezuelan Government and the Chinese company. \r\nToday, we are opening in Las Tejer\u00edas, state of Aragua, a car assembly plant,\" \r\nCh\u00e1vez celebrated on August 25 of that year in a council of ministers. Laughing, \r\nwhile playing with two scale reproductions of the cars soon to be assembled, he \r\nsaid: \"I was asked to give names to the cars. I chose Arauca for one and Orinoco \r\nfor the other. These are Chery cars (...) these cars will be available in the \r\nVenezuelan market. They are excellent, beautiful and cheap.\"<\/p>\n\n\n\t\t\t\t<figure class=\"wp-block-embed is-type-rich is-provider-embed-handler wp-block-embed-embed-handler wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n\t\t\t\t<iframe loading=\"lazy\" title=\"Inaugurada planta ensambladora de veh\u00edculos ZGT en Tejer\u00edas\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/aUNBjAWVfJc?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n\t\t\t\t<\/div><\/figure>\n\t\t\t\t\n\t\t\t\t \n\n<p class=\"wp-block-paragraph\">Ch\u00e1vez \r\nsummed up the alliance with Corporaci\u00f3n Automotriz Z.G.T., which in September \r\n2010 agreed to form a \"joint venture\" with the State. It was the birth of a deal \r\nthat five years later, in the midst of the serious economic crisis and paralysis \r\nof the rest of the car companies, seems great.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">Corporaci\u00f3n \r\nAutomotriz Z.G.T. was just the first piece of the business puzzle put together \r\nby the Yammines abroad. Oblivious to the development of socialism promoted by \r\nCh\u00e1vez, a business structure had been devised to control the business, a kind of \r\nfinancial labyrinth that seems designed to conceal the \r\nbeneficiaries.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">According \r\nto the documents leaked from Mossack Fonseca, \u2014received from an anonymous source \r\nby the S\u00fcddeutsche Zeitung of Munich and reviewed by a team of over 370 \r\njournalists worldwide under the coordination of the International Consortium of \r\nInvestigative Journalists (ICIJ) \u2014 the Yammine have put some effort in leaving \r\nno traces of them in the corporate network that have been built in tax havens \r\nlike Hong Kong, Panama and the Seychelles.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">To \r\nbegin to unravel the skein it is worth quoting an email that Jahrold Maizo, vice \r\npresident of Corporaci\u00f3n Automotriz Z.G.T. and related to the Yammine, sent on \r\nMay 31, 2010 to his counterparts, executives of Mossack Fonseca in \r\nPanama.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">\"We \r\nare in the process of organizing a company in Hong Kong, in which the sole \r\nshareholder will be Chery Andean and Caribbean, with directors appointed by AFRA \r\n(another Panamanian law firm). Therefore, we need these directors to sign the \r\ndeed of incorporation. I am sending you the necessary documents (...) On the \r\nother hand, after the incorporation of the company in Hong Kong, and in order to \r\nkeep all our companies under one law firm and close to our corporate office, we \r\nrequire companies Ematrade Inc and Chery Andean &amp; Caribbean Inc to be \r\ntransferred to Mossack Fonseca y Compa\u00f1\u00eda,\" Maizo wrote.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">The \r\ncommunication reveals how the Chery operation in Venezuela was forged. The \r\ncompany which Maizo refers to is ICA International Automobiles Limited, \r\nregistered in Hong Kong on June 1, 2010, under number 1463140. The memorandum of \r\nassociation indicates that the initial capital was 10,000 Hong Kong dollars, \r\ndivided into 10,000 shares, at the rate of one dollar per share.<\/p>\n\n\n<figure class=\"wp-block-image size-medium\"><img loading=\"lazy\" decoding=\"async\" width=\"633\" height=\"465\" src=\"https:\/\/armando.info\/wp-content\/uploads\/2020\/12\/PP-19.jpg\" alt=\"\" class=\"wp-image-52100\"\/><figcaption>The public bank financed the birth of a joint venture for the assembly of Chery cars, which have benefited groups with companies in tax havens. Photo: Hugo Londo\u00f1o<\/figcaption><\/figure>\n\n\n<p class=\"wp-block-paragraph\">The \r\ndirectors of that company are Genesis Ltd and Finas Ltd, two companies \r\nregistered by Mossack Fonseca in the jurisdiction of the Seychelles. The service \r\nof the law firm includes appointing the people who act as directors of these \r\ncompanies, which allows concealing who is behind ICA International Automobiles \r\nLimited. But the identities were revealed by one of the leaked documents, a \r\n\"power of attorney\" issued by the ICA board that \"can be used and enforced \r\nindividually by Antonio Yammine, Mohsen Yammine, and Sarkis Yammine, anywhere in \r\nthe world, including any country, state, colony, province, municipality or \r\npolitical subdivision of any country.\"<\/p>\n\n\n<h2 class=\"wp-block-heading\">All in the Family<\/h2>\n\n\n<p class=\"wp-block-paragraph\">Chery \r\nAndean &amp; Caribbean, a company registered in Panama, is the sole shareholder \r\nof ICA International Automobiles Limited, as evidenced by a \"certificate\" of \r\nJuly 22, 2010. It was \"registered\" on May 28, 2009, according to \"public deed \r\nnumber 4640\" of the twelfth notary of the circuit of \r\nPanama.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">The \r\narticles of incorporation state that it was organized by Panamanians Camilo \r\nAndr\u00e9s M\u00e9ndez Chong and Brunilda Gabriela Broce with an \"authorized capital\" of \r\n10,000 US dollars, divided into 10,000 shares. On June 2, 2009, they both signed \r\na \"minute of the Board\u2019s meeting\" in which they resolved to \"issue 10,000 shares \r\nof the company\u2019s authorized capital to Ematrade Inc,\" another link were Antonio, \r\nMohsen and Sarkis Yammine are related to, each with 33.33% of the shares of that \r\ncompany that was also registered in Panama.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">A \r\nbeneficial owner declaration, part of the file of Mossack Fonseca, and signed by \r\nAntonio Yammine, summarizes the plot. ICA Intenational Automobiles Limited is a \r\ncompany registered in Hong Kong, whose sole shareholder is Chery Andean &amp; \r\nCaribbean, registered in Panama, and the \"real beneficiaries\" or of which are \r\nthe Yammines. However, none of the Yammines wanted to give an answer about this \r\nset-up.<I> Attempts were made to contact executives of Corporaci\u00f3n Automotriz \r\nZ.G.T, ICA International Automobiles Limited, the Ministry of Industries and the \r\nYammine group for this investigation, but they were not \r\navailable<\/I>.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">The \r\nstructure set in Hong Kong and Panama allows the group to control a good part of \r\nthe business, although the Venezuelan operation appears in the papers as a joint \r\nventure between the Venezuelan State and Corporaci\u00f3n Automotriz \r\nZ.G.T.<\/p>\n\n\n<figure class=\"wp-block-image size-medium\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"640\" src=\"https:\/\/armando.info\/wp-content\/uploads\/2020\/12\/PP-20.jpg\" alt=\"\" class=\"wp-image-52101\" srcset=\"https:\/\/armando.info\/wp-content\/uploads\/2020\/12\/PP-20.jpg 960w, https:\/\/armando.info\/wp-content\/uploads\/2020\/12\/PP-20-700x467.jpg 700w, https:\/\/armando.info\/wp-content\/uploads\/2020\/12\/PP-20-768x512.jpg 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><figcaption>The Chinese brand is a leader in the Venezuelan market and has models as Venezuelan as the Chery Orinoco. Photo: FAcebook\/Chery Venezuela<\/figcaption><\/figure>\n\n\n<p class=\"wp-block-paragraph\">ICA \r\nInternational Automobiles Limited - and not company Chery, as it may believed - \r\ndispatches the assembly material and auto parts of the Chinese make for \r\nCorporaci\u00f3n Automotriz Z.G.T. In other words, the Hong Kong company, whose \r\nbeneficiaries are the Yammines, works as a trader between Chery's parent company \r\nand the Venezuelan joint venture, even though it is an operation that works \r\nunder the Chinese Fund scheme, where the Government usually pays directly for \r\nthe merchandise to the supplier in China, and despite the resistance of the \r\nVenezuelan authorities to the existence of intermediary chains in the private \r\nbusiness activity.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">Reports \r\nof the Puerto Cabello port movement, prepared by the Chamber of Commerce of that \r\ntown, reveal that just between late 2014 and this year, ICA International \r\nAutomobiles Limited appeared as the \"shipper\" in at least 16 shipments of \r\nassembly material from the ports of Wuhu and Shanghai in China, the \"addressee\" \r\nof which in Venezuela was Corporaci\u00f3n Automotriz Z.G.T.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">Other \r\ninvoices show that ICA International Automobiles Limited bought spare parts and \r\nauto parts from Wuhu Chery Automobile Service Parts Co Ltd, a subsidiary of \r\nChery's parent company. In 2014 alone, based on 40 invoices from that year, the \r\ncompany acquired spare parts worth $ 3.6 million.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">The \r\ncontrol of ICA International Automobiles Limited over Chery's business in \r\nVenezuela is also evident in the company's financial reports. As of December 31, \r\n2014, the debt of Corporaci\u00f3n Automotriz Z.G.T. - the private partner of the \r\nGovernment in the joint venture with ICA International Automobiles Limited (the \r\nYammines\u2019 company in Hong Kong) - amounted to almost 169 million dollars, \r\naccording to a document of June 29, 2015.<\/p>\n\n\n<h2 class=\"wp-block-heading\">Many Dollar \u201cDams\u201d<\/h2>\n\n\n<p class=\"wp-block-paragraph\">In \r\npractice, the business plot works like a string of tolls in which portions of \r\nthe dollars involved in the Chery business are withheld. ICA International \r\nAutomobiles Limited (the Yammines\u2019 company in Hong Kong) must pay a percentage \r\nof the income of Chery Andean &amp; Caribbean (the Yammines\u2019 company in Panama) \r\n, as a shareholder, &nbsp;and pay for \r\n\"commission\", \"warranty\" of the cars, \"technology transfer\" and \"technical \r\nassistance\".<\/p>\n\n\n\t\t\t\t<figure class=\"wp-block-embed is-type-rich is-provider-embed-handler wp-block-embed-embed-handler wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n\t\t\t\t<iframe loading=\"lazy\" title=\"CHERY HECHO EN VENEZUELA\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/1L7VobPYWr4?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n\t\t\t\t<\/div><\/figure>\n\t\t\t\t\n\t\t\t\t \n\n<p class=\"wp-block-paragraph\">Financial \r\nreports reveal that from 2011 to 2014, ICA International Automobiles (a company \r\nopened with $ 10,000 of capital in Hong Kong) paid Chery Andean &amp; Caribbean \r\naround $ 125 million for its shareholder role, almost a quarter of the turnover \r\n- almost 565 million dollars - that the company registered in those years for \r\nthe sale of Chery products to Venezuela.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">The \r\npayments for \"commission\", \"warranty\", \"technical assistance\" and \"technology \r\ntransfer\" by ICA International Automobiles Limited to Chery Andean &amp; \r\nCaribbean \u2013 i.e. again, from a Yammines\u2019 company in Hong Kong to another in \r\nPanama - totaled another 70 million dollars from 2011 to 2014. The documents of \r\nMossack Fonseca include the contracts between both companies for these services. \r\n\"ICA International Automobiles Limited agrees to pay a commission to Chery \r\nAndean &amp; Caribbean for each car sold according to a fee schedule established \r\nby both parties,\" read the technology transfer, technical assistance and \r\nwarranty service agreements.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">Chery \r\nAndean &amp; Caribbean is in turn committed to guarantee that operations in the \r\n\"manufacturing plants of ICA International Automobile Limited or its \r\nsubsidiaries\" are carried out as best as possible, which reveals the logic of \r\nthe business: although the assembly of Chery corresponds to a joint venture, it \r\nseems that the operation is a private matter, especially of the \r\nYammines.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">Other \r\ninvoices show that in 2014, ICA International Automobiles Limited paid a company \r\ndomiciled in Venezuela, nearly 10 million dollars for the transport of \r\nmerchandise containers from Puerto Cabello to the facilities of the joint \r\nventure in Las Tejer\u00edas.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">There \r\nhave also been transfers from the bank accounts of ICA International Automobiles \r\nLimited to other companies registered in Panama, the British Virgin Islands and \r\nFlorida, USA, some of them also associated with the Yammines, as revealed by the \r\nleak of Mossack Fonseca.<\/p>\n\n\n<h2 class=\"wp-block-heading\">Total Control<\/h2>\n\n\n<p class=\"wp-block-paragraph\">Corporaci\u00f3n \r\nAutomotriz Z.G.T. was registered on August 27, 2008, in the Fifth Commercial \r\nRegistry of the judicial district of the Capital District and State of Miranda. \r\nRam\u00f3n Dahdah Galeb and Juana Francisca Revete are the shareholders of a company \r\nthat was born with a capital of 2.3 million bolivars. Dahdah Galeb, entrepreneur \r\nof Lebanese origin like the Yammines, controls 70% of the shares, and Revete \r\nholds the remaining 30%.<\/p>\n\n\n<figure class=\"wp-block-image size-medium\"><img loading=\"lazy\" decoding=\"async\" width=\"551\" height=\"735\" src=\"https:\/\/armando.info\/wp-content\/uploads\/2020\/12\/PP-21.jpg\" alt=\"\" class=\"wp-image-52102\"\/><figcaption>Although the Yammines are not among the shareholders of Corporaci\u00f3n Automotriz Z.G.T., in practice, they have links with the company.<\/figcaption><\/figure>\n\n\n<p class=\"wp-block-paragraph\">From \r\n2004 to 2011, Corporaci\u00f3n Automotriz Z.G.T. received $ 3,568,039 from the former \r\nForeign Exchange Administration Commission (Cadivi). The Yammines do not \r\nappeared in the shareholding structure, but several indications show the \r\ninfluence and control of the group over Corporaci\u00f3n Automotriz \r\nZ.G.T.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">Jahrold \r\nMaizo, director of Corporaci\u00f3n Automotriz Z.G.T. who exchanged emails with the \r\nMossack Fonseca law firm to define the structure of the business, worked with \r\nthe Yammines at the Centro Nacional de Repotenciaci\u00f3n (Cenareca), a company with \r\nwhich the group made incursions in 2004 into the assembly of the Tiuna car for \r\nthe Armed Forces, which obtained between 2004 and 2011 another $ 3,204,759 \r\nthrough Cadivi.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">Since \r\n2008, Cenareca has 49% of the shares in Empresa Mixta Socialista de Veh\u00edculos \r\nVenezolanos (Emsoven), and Compa\u00f1\u00eda An\u00f3nima Venezolana de Industrias Militares \r\n(Cavim) has the remaining 51%. ICA \r\nInternational Automobiles Limited, the company registered in Hong Kong that \r\ndispatches the products to assemble the Chery car, is also the company that \r\nsells the assembly material to Emsoven.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">The \r\ntwo shareholders of Corporaci\u00f3n Automotriz Z.G.T. also have some kind of \r\nrelationship with Cenareca and Emsoven. In the National Registry of Contractors \r\n(RNC), Ram\u00f3n Dahdah Galeb appears as \"contact person\" of Emsoven in an \r\n\"acquisition of accessories and auto parts\" to a company called Metalpres \r\nAsociados 3000 C.A. In addition, transfers have been made from the bank accounts \r\nof ICA International Automobiles Limited to Dahdah Galeb, as revealed by the \r\ndocuments leaked from Mossack Fonseca.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">For \r\nher part, Juana Francisca Revete, appears as a worker of Cenareca since November \r\n1, 2004, according to the Venezuelan Institute of Social Security \r\n(IVSS).<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">But \r\nthere is more. A press release from the Ministry of Industries, dated March 18, \r\n2014, refers to Antonio Yammine as \"director\" of Corporaci\u00f3n Automotriz Z.G.T. \r\n\"The Yammines appear everywhere, their name resonates, but Dahdah Galeb only \r\nappears on paper,\" says a former manager, who preferred to reserve his \r\nidentity.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">Antonio \r\nYammine also acknowledged that Corporaci\u00f3n Automotriz Z.G.T. was \"under his \r\ncontrol\" when he began negotiations to buy a second assembly plant for Chery in \r\nthe state of Carabobo in May 2013. The property was intended to build cars of \r\nanother Chinese make, Great Wall, and belonged to company Ensamblaje Superior \r\nC.A. The Yammines paid 5 million dollars, divided into two payments, and agreed \r\nto pay another 11 million dollars by a letter of credit, issued by the Interaudi \r\nbank, which would expire on December 17, \r\n2014.<\/p>\n\n\n<figure class=\"wp-block-image size-medium\"><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"653\" src=\"https:\/\/armando.info\/wp-content\/uploads\/2020\/12\/PP-22.jpg\" alt=\"\" class=\"wp-image-52103\" srcset=\"https:\/\/armando.info\/wp-content\/uploads\/2020\/12\/PP-22.jpg 768w, https:\/\/armando.info\/wp-content\/uploads\/2020\/12\/PP-22-700x595.jpg 700w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><figcaption>One of the shareholders in the partner company of the government in the assembly of Chery cars is on the payroll of the Yammine group, through company Cenareca<\/figcaption><\/figure>\n\n\n<p class=\"wp-block-paragraph\">However, \r\non July 30, 2013, a presidential decree was published in the <I>Extraordinary \r\nOfficial Gazette 6.108<\/I>, whereby \"movable, immovable and improvements that \r\nserve for company Great Wall de Venezuela and its subsidiary companies to \r\noperate are affected.\" After that measure, the Yammines and the Interaudi bank \r\nsuspended the letter of credit to the owners of the facility, which led to a \r\nlegal dispute in the USA against ICA International Automobiles Limited and the \r\nInteraudi bank.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">Sources \r\nrelated to the car industry expressed their suspicions that the expropriation \r\nwas made to favor the Yammines, Corporaci\u00f3n Automotriz Z.G.T. and the Chery \r\noperation, since a few days after that measure, on August 1, 2013, another \r\npresidential decree appeared in <I>Official Gazette 40.219<\/I> to create the \r\njoint venture \"Chery de Venezuela C.A.\", in which the State owns 51% of the \r\nshares and Corporaci\u00f3n Automotriz Z.G.T. owns the other \r\n49%.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">The \r\ngrowth of the Yammine group has not stopped. At the end of last year, they \r\ncompleted another plan that already places them as the most important \r\nbusinessmen of the Venezuelan car industry, an area that contributes 3.5% of the \r\nGross Domestic Product.<\/p>\n\n\n<h2 class=\"wp-block-heading\">Immune to the Crisis<\/h2>\n\n\n<p class=\"wp-block-paragraph\">In \r\nDecember 2015, the Yammines bought MMC Automotriz from the Japanese Sojitz Group \r\nto take over the assembly and license in the local market of car makes, like \r\nMistubishi, Hyundai and Fuso. The negotiation was handled with confidentiality, \r\nand the identity of the buyers was not revealed. Though this year, Antonio \r\nYammine showed up at the company's headquarters in Caracas and at the plant \r\nlocated in the industrial zone of Barcelona, ??state of Anzo\u00e1tegui (northeast of \r\nVenezuela).<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">Sources \r\nclose to the negotiation assure that the scheme followed by the Yammines is \r\nsimilar to the scheme used in Chery, since the purchase was made through a \r\ncompany registered in Hong Kong. Internally, MMC Automotriz barely reported in a \r\nbrief statement that the company had acquired Grupo Sylca, with \"over 30 years \r\nof experience and confidence in the development of the country.\u201d That is how the \r\nYammines tried to go unnoticed, but Sylca is a company registered in Florida, \r\nUSA, over which they also have control, the address of which is the same as the \r\naddress of other companies of the group registered in that state, and which - \r\nbased on the documentation of Mossack Fonseca - has received funds from ICA \r\nInternational Automobiles Limited.<\/p>\n\n\r\n\n<p class=\"wp-block-paragraph\">In \r\nthe industry the purchase is interpreted as the leap of the group to the \"big \r\nleagues\" of the car industry and another example of the power they have \r\naccumulated in a context where even the subsidiaries of transnational companies \r\nlike Chrysler, Ford, General Motors or Toyota teeter due to the lack of foreign \r\nexchange and the obstacles to operate in the \r\ncountry.<\/p>\n\n<div class=\"wps-pgfw-pdf-generate-icon__wrapper-frontend pgfw-icon-display pgfw-icon-display--default\" style=\"--pgfw-icon-justify:center;\"><a href=\"https:\/\/armando.info\/en\/wp-json\/wp\/v2\/posts\/2420\/?action=genpdf&#038;id=2420\" class=\"pgfw-single-pdf-download-button pgfw-single-pdf-download-button--default pgfw-single-pdf-download-button--icon-only\" title=\"Generate PDF\" style=\"--pgfw-icon-width:25px;--pgfw-icon-height:45px;\" aria-label=\"Download PDF\"><span class=\"pgfw-single-pdf-download-button__media\" aria-hidden=\"true\"><img src=\"https:\/\/armando.info\/wp-content\/plugins\/pdf-generator-for-wp\/admin\/src\/images\/PDF_Tray.svg\" alt=\"\" decoding=\"async\"><\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>The family of Lebanese origin and creator of Tiuna military vehicles is the one who really controls the assembly operation of the Chinese make cars. It is formally a \"mixed company\" that the Government qualifies as a \"highly successful experience\", used by the group to secure a majority share of access to the foreign currency of the business to import parts and assembly material through an offshore corporate structure.<\/p>\n","protected":false},"author":81,"featured_media":52104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"give_campaign_id":0,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","ghostkit_customizer_options":"","ghostkit_custom_css":"","ghostkit_custom_js_head":"","ghostkit_custom_js_foot":"","ghostkit_typography":"","_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[2387,2210],"tags":[402,761,162,142,763],"pais":[4216],"serie":[4217],"localizacion":[4227],"ppma_author":[2377],"class_list":["post-2420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-internacionales","category-investigacion","tag-carros","tag-chery","tag-los-creadores-de-panama-papers","tag-mossack-fonseca","tag-yammine","pais-venezuela-en","serie-panama-papers-en"],"acf":{"reportage-top-html":""},"views":3315,"taxonomy_info":{"category":[{"value":2387,"label":"Internacionales"},{"value":2210,"label":"Investigacion"}],"post_tag":[{"value":402,"label":"Carros"},{"value":761,"label":"Chery"},{"value":162,"label":"los creadores de Panama Papers"},{"value":142,"label":"Mossack Fonseca"},{"value":763,"label":"Yammine"}],"pais":[{"value":4216,"label":"Venezuela"}],"serie":[{"value":4217,"label":"PANAMA PAPERS"}]},"featured_image_src_large":["https:\/\/armando.info\/wp-content\/uploads\/2020\/12\/22072016-Chery.png",1920,784,false],"author_info":{"display_name":"ARMANDO.INFO","author_link":"https:\/\/armando.info\/en\/author\/armando2\/"},"comment_info":0,"category_info":[{"term_id":2387,"name":"Internacionales","slug":"internacionales","term_group":0,"term_taxonomy_id":2387,"taxonomy":"category","description":"","parent":0,"count":127,"filter":"raw","menu_order":"0","cat_ID":2387,"category_count":127,"category_description":"","cat_name":"Internacionales","category_nicename":"internacionales","category_parent":0},{"term_id":2210,"name":"Investigacion","slug":"investigacion","term_group":0,"term_taxonomy_id":2210,"taxonomy":"category","description":"","parent":0,"count":670,"filter":"raw","menu_order":"0","cat_ID":2210,"category_count":670,"category_description":"","cat_name":"Investigacion","category_nicename":"investigacion","category_parent":0}],"tag_info":[{"term_id":402,"name":"Carros","slug":"carros","term_group":0,"term_taxonomy_id":402,"taxonomy":"post_tag","description":"","parent":0,"count":3,"filter":"raw","menu_order":"0"},{"term_id":761,"name":"Chery","slug":"chery","term_group":0,"term_taxonomy_id":761,"taxonomy":"post_tag","description":"","parent":0,"count":2,"filter":"raw","menu_order":"0"},{"term_id":162,"name":"los creadores de Panama Papers","slug":"los-creadores-de-panama-papers","term_group":0,"term_taxonomy_id":162,"taxonomy":"post_tag","description":"","parent":0,"count":45,"filter":"raw","menu_order":"0"},{"term_id":142,"name":"Mossack Fonseca","slug":"mossack-fonseca","term_group":0,"term_taxonomy_id":142,"taxonomy":"post_tag","description":"","parent":0,"count":35,"filter":"raw","menu_order":"0"},{"term_id":763,"name":"Yammine","slug":"yammine","term_group":0,"term_taxonomy_id":763,"taxonomy":"post_tag","description":"","parent":0,"count":2,"filter":"raw","menu_order":"0"}],"publishpress_future_action":{"enabled":false,"date":"2026-08-24 17:20:18","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"authors":[{"term_id":2377,"user_id":0,"is_guest":1,"slug":"roberto-deniz","display_name":"ROBERTO DENIZ","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&r=g","author_category":"","first_name":"","last_name":"","user_url":"","job_title":"","description":""}],"_links":{"self":[{"href":"https:\/\/armando.info\/en\/wp-json\/wp\/v2\/posts\/2420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armando.info\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armando.info\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armando.info\/en\/wp-json\/wp\/v2\/users\/81"}],"replies":[{"embeddable":true,"href":"https:\/\/armando.info\/en\/wp-json\/wp\/v2\/comments?post=2420"}],"version-history":[{"count":0,"href":"https:\/\/armando.info\/en\/wp-json\/wp\/v2\/posts\/2420\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/armando.info\/en\/wp-json\/wp\/v2\/media\/52104"}],"wp:attachment":[{"href":"https:\/\/armando.info\/en\/wp-json\/wp\/v2\/media?parent=2420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armando.info\/en\/wp-json\/wp\/v2\/categories?post=2420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armando.info\/en\/wp-json\/wp\/v2\/tags?post=2420"},{"taxonomy":"pais","embeddable":true,"href":"https:\/\/armando.info\/en\/wp-json\/wp\/v2\/pais?post=2420"},{"taxonomy":"serie","embeddable":true,"href":"https:\/\/armando.info\/en\/wp-json\/wp\/v2\/serie?post=2420"},{"taxonomy":"localizacion","embeddable":true,"href":"https:\/\/armando.info\/en\/wp-json\/wp\/v2\/localizacion?post=2420"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/armando.info\/en\/wp-json\/wp\/v2\/ppma_author?post=2420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}