{"id":2565,"date":"2011-11-26T00:00:00","date_gmt":"2011-11-26T00:00:00","guid":{"rendered":"https:\/\/armando.info\/?p=2565"},"modified":"2011-11-26T00:00:00","modified_gmt":"2011-11-26T00:00:00","slug":"pdvsa-insurance-vanished-into-the-bermuda-islands","status":"publish","type":"post","link":"https:\/\/armando.info\/en\/pdvsa-insurance-vanished-into-the-bermuda-islands\/","title":{"rendered":"PDVSA Insurance Vanished into the Bermuda Islands"},"content":{"rendered":"\n

At \r\nleast 66.7 million dollars of Petr\u00f3leos de Venezuela (PDVSA) insurance \r\ndisappeared from the map. An unexpected turn shows that the state-owned company \r\ndeposited the money precisely in the same offshore company in which Francisco \r\nIllarramendi transferred - and then lost - part of the pension fund of the oil \r\nindustry workers.<\/p>\n\n\r\n\n

The \r\nofficial story recalls that in 2011, this ambitious Venezuelan-American broker \r\nended up declaring himself guilty of structuring a Ponzi scheme in which he had \r\nno way to replace some 540 million dollars that made up the savings fund of \r\nPDVSA retirees. The new leak of documents known as Paradise Papers shows that \r\nPDV Insurance Company, a subsidiary of PDVSA registered in the Bermuda Islands \r\nas its main insurance company, placed funds in the same bag, which had the same \r\nfate, they vanished.<\/p>\n\n\r\n\n

A \r\ncomplex triangulation of operations, coordinated by Illarramendi, succeeded in \r\nplacing shares in several financial operators, including Fractal Fund \r\nManagement, to which the Securities and Exchange Commission of the United States \r\nof America (SEC) froze 170 million. In that company of Venezuelan Moris Beracha, \r\nat least 66.7 million dollars of the state oil company were \r\nstranded.<\/p>\n\n\n

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As \r\nin the Panama Papers, the German newspaper S\u00fcddeutsche Zeitung obtained a file \r\nof more than 6.8 million internal documents from the Appleby law firm - with \r\nover 700 employees in tax havens - which it shared with almost 100 media in the \r\nworld through the International Consortium of Investigative Journalists. In \r\nthose papers, there was a copy of the agreements signed between Pdvsa and \r\nFractal Fund Management.<\/p>\n\n\r\n\n

Through \r\nPDV Insurance Company, Pdvsa handed over $ 3.5 million to Fractal Fund \r\nManagement in a contract dated May 7, 2008, which is in addition to $ 63.2 \r\nmillion deposited on March 19, 2007 in two parts, 14 million and 49.2 million, \r\nof which there is no news.<\/p>\n\n