Former PDVSA chief Ramirez rejects claim of missing billions as “lies”

Former PDVSA chief Ramirez rejects claim of missing billions as “lies”

The former president of Venezuela’s troubled oil firm PDVSA has rejected accusations from a government commission that the state oil firm could not account for $11bn during his tenure at the helm, according to Reuters.

Rafael Ramirez headed the company during the 2004 to 2014 period when the money went missing as alleged by the chairman of the Congressional Investigative Commission.

PDVSA, one of the biggest oil producers in the Americas, is believed to be teetering near bankruptcy after failing earlier this week to get investors to extend debt payments by three years.

But Ramirez, who now works at the Venezuelan mission to the UN, called the missing billions allegations “lies” and “infamies” by opponents of the country’s socialist government.

PDVSA is being investigated by US agencies looking into whether the company ran black market currency schemes and laundered drug money through foreign banks as well as whether its executives took billions in kickbacks.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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