The Venezuelan prosecutor’s office has uncovered that a significant portion of Pdvsa’s oil sales were conducted using cryptocurrencies, making it challenging to trace the funds. It is believed that the total amount of these operations could exceed $10 billion. Additionally, transactions have been detected through bank accounts of shell companies in London, Dubai, and Caribbean tax havens. Among the banks involved are Switzerland’s MBaer Merchant Bank and Emirates NBD and Mashreq Bank from Dubai. Furthermore, other banks previously connected to Pdvsa, such as Russian Gazprombank and China Citic Bank, are under investigation.
MBaer Merchant Bank: A Bank with a Troubled Past
MBaer Merchant Bank is a financial institution founded in 2018 in Zurich by Michael Baer, a descendant of an old Swiss banking family. The founder separated from Julius Baer, where he worked until 2005, amid a scandal regarding illegal operations by this bank in Venezuela and other corruption cases. Julius Baer facilitated money laundering for close associates of Nicolás Maduro, including Raúl Gorrín, three children of Cilia Flores, and other high-ranking Chavismo leaders. The representative of Julius Baer in Caracas, Matthias Krull, was arrested in Miami in 2018 and became a key witness to reveal details of the corruption. Julius Baer was sanctioned by Finma, the Swiss banking regulator, for its abuses in Venezuela and other cases. Michael Baer was not directly involved in Julius Baer’s operations in Venezuela but had other financial projects in Europe and the Middle East. In 2021, he appointed Siri Evjemo-Nysveen, the wife of operator Alessandro Bazzoni, sanctioned by OFAC for his role in Pdvsa’s oil sale scheme, to his bank’s board. However, after the case unfolded in March of this year, Evjemo-Nysveen was removed from the board.
Alessandro Bazzoni: The Successor to Alex Saab
Alessandro Bazzoni is an Italian financial operator who benefited significantly from Pdvsa’s brokering and oil sales. According to OFAC, Bazzoni took over the finances managed by Alex Saab following his arrest in Cape Verde in June 2020. Bazzoni had direct contact with Antonio Pérez Suárez, Pdvsa’s Vice President of Commerce and Supply, and a protected associate of Tareck El Aissami. Bazzoni aided Pdvsa in selling numerous oil shipments, circumventing the sanctions imposed by the United States on the state oil company in 2019. Due to his connections to this corruption case, Venezuela’s Attorney General recently issued a detention order for Bazzoni.
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Conclusions
Investigations continue to unravel the financial networks used to facilitate corruption in Pdvsa and evade international sanctions. It is essential for the relevant authorities to persist in their efforts to dismantle these illegal schemes and hold all involved accountable. Justice must prevail to ensure a more transparent and ethical future in the Venezuelan oil sector.
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