<\/p>\n\n\n
The \r\ndocument states that the company was incorporated on July 22, 1991, and was \r\nrelaunched in 2009 with the signatures of Asdr\u00fabal Ch\u00e1vez -then vice president \r\nof Trade and Supplies of Pdvsa and current president of Citgo- and Eudomario \r\nCarruyo, then vice president of finance of the state oil company, fallen in \r\ndisgrace after being blamed for participating in the diversion of resources that \r\nended with the Pension Fund of the company. Although there are no clear signs to \r\nnotice if the company made any contract through that Aruban branch and from \r\nwhich it does not leave a formal registration anywhere, the organization of this \r\ncompany in a tax haven is far from being an isolated practice in the times of \r\nthe \u201credder than red\u201d PDVSA.<\/p>\n\n\r\n\n
<\/p>\n\n
![\"\"](\"https:\/\/armando.info\/wp-content\/uploads\/2020\/12\/10122017-01.png\")
<\/div><\/div>Petr\u00f3leos de Venezuela, S.A. (PDVSA)<\/div><\/a><\/figure><\/div><\/div><\/li>![\"\"](\"https:\/\/armando.info\/wp-content\/uploads\/2020\/12\/10122017-02.png\")
<\/div><\/div>Asdr\u00fabal Ch\u00e1vez<\/div><\/a><\/figure><\/div><\/div><\/li><\/ul><\/div><\/div><\/div><\/div>\n\nAlso \r\nin 2009, Pdvsa Gas contracted the services of the Appleby law firm for the \r\nincorporation of company Pdvsa Gas Accro Ltd - replacing another company known \r\nas Accroven Holdings Ltd - which was registered in Barbados in September of that \r\nyear with a wide range of objectives and more ambitious purposes related to gas \r\nexploitation.<\/p>\n\n\r\n\n
In \r\n2010, Ricardo Coronado, the then general manager of the PDVSA Offshore Division, \r\nsigned the as the sole director. After climbing high positions within the \r\nindustry, he was accused of corruption by the Comptroller's Office Committee of \r\nthe National Assembly and left the country long before the raid that now has \r\ndirectors like Eulogio del Pino and Nelson Mart\u00ednez, among 63 other workers of \r\nthe company, behind bars.<\/p>\n\n\r\n\n
<\/p>\n\n
![\"\"](\"https:\/\/armando.info\/wp-content\/uploads\/2020\/12\/10122017-04.png\")
<\/div><\/div>Ricardo Coronado<\/div><\/a><\/figure><\/div><\/div><\/li>![\"\"](\"https:\/\/armando.info\/wp-content\/uploads\/2020\/12\/10122017-03.png\")
<\/div><\/div>Eulogio Del Pino<\/div><\/a><\/figure><\/div><\/div><\/li><\/ul><\/div><\/div><\/div><\/div>\n\nAlthough \r\nPdvsa Gas's finance department did not officially respond to a questionnaire \r\nabout the scope and operation of that company, not specified in any management \r\nreport, a source from the oil company confirmed that the office is active, but \r\ndid not specify the nature of its activities.<\/p>\n\n\r\n\n
<\/p>\n\n\n
Why a State-Owned Company Opens Offices in a Tax Haven?<\/p><\/blockquote><\/figure>\n\n\n
The \r\nleak of law firm Appleby also reveals that company WillPro Energy Services \r\n(Pigap II) was acquired by Pdvsa Gas - specialized in gas injection and \r\ncompression services - for 112.4 million dollars, which is registered in the \r\nCayman Islands, although it has an established office in Matur\u00edn, state of \r\nMonagas. Many unsuccessful attempts were made to establish a telephone contact \r\nwith that branch.<\/p>\n\n\r\n\n
<\/p>\n\n\n
Why \r\na state-owned company opens offices in a tax haven? After clarifying the point \r\nthat PDVSA has no need to evade taxes in Venezuela, a lawyer experienced in the \r\norganization of financial entities and offshore companies assured Armando.info \r\nthat the first explanation can be found in the exchange control in force in \r\nVenezuela since 2003 and the possibility offered by these companies to have a \r\nbusiness relationship with the oil company without passing through that \r\ncontrol.<\/p>\n\n\r\n\n
\"The \r\npayments in US dollars received by an offshore company, even from Pdvsa, do not \r\nhave to pass through the Central Bank of Venezuela,\" specifies the expert \r\nreferring to the amendment to the BCV Law that released Pdvsa from the \r\nobligation to pass all its profits to this entity. \"This made it easier to place \r\nforeign exchange in other places like Fonden or offshore \r\ncompanies.\"<\/p>\n\n\r\n\n
The \r\nbasic problem with these placements is their lack of transparency. Being out of \r\nVenezuelan jurisdiction, the Venezuelan Office of the Comptroller or the \r\nNational Assembly can hardly ask for any accountability, especially if Pdvsa \r\ndoes not make these companies public. In its official organization chart, the \r\nstate company only recognizes PDV Insurance Company (Pdvic) as the only company \r\nestablished in Bermuda.<\/p>\n\n\r\n\n
<\/p>\n\n\n
\"The ought-to-be is that Pdvsa does not have intermediaries and contracts directly, so that the companies can be duly audited\"<\/p><\/blockquote><\/figure>\n\n\n
The \r\nother relevant point is that by organizing subsidiaries in tax havens, Petr\u00f3leos \r\nde Venezuela has the possibility of subcontracting without going through the \r\nbidding process established in Venezuelan laws. \"The offshore company can, by \r\nnature, receive payments and also pay to any supplier practically without \r\ncontrols. If it is an offshore that is managed as a Pdvsa subsidiary, the \r\nbidding is also avoided because it is the company itself acquiring a good or \r\nservice from a subsidiary. It does not mean that this happens, but it gives room \r\nto all kinds of subcontracting, surcharge and collection of \r\ncommission.\"<\/p>\n\n\r\n\n
![\"\"](\"https:\/\/armando.info\/wp-content\/uploads\/2020\/12\/10122017-05.jpg\")
<\/figure>\n\n\n![\"\"](\"https:\/\/armando.info\/wp-content\/uploads\/2020\/12\/10122017-06.png\")
![\"\"](\"https:\/\/armando.info\/wp-content\/plugins\/pdf-generator-for-wp\/admin\/src\/images\/PDF_Tray.svg\")
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