In the latest chapter of the Nynas saga, we learn that Nynässtiftelsen, the new foundation proposed by PDVSA to Hacienda for the reorganization process, is controlled by Bo Askvik, the CEO of Nynas. In summary, Nynas summoned the administrators due to the Treasury sanctions against the PDVSA / Nicolás Maduro regime. These sanctions were hindering Nynas from escaping practical bankruptcy. The primary reason was that PDVSA held a majority share in Nynas (50.001%). So, what was necessary for Nynas to reorganize? Simple, Maduro’s Dentons lawyers negotiated with OFAC to reduce PDVSA’s stake in Nynas to 15%, transferring the remaining 35% to a new independent foundation, supposedly free from PDVSA’s control. Hacienda granted a license subsequently. Who is the president of this new “independent Swedish foundation with no PDVSA influence”? The CEO of Nynas, Bo Askvik. Who else is involved? Maria Björkholm, the Chief Legal Officer of Nynas AB. Thus, Nynas will reorganize by forming a new foundation managed by the same people currently controlling Nynas.
Nynas will generously provide Nynässtiftelsen with a capital of 8,000,000 SEK (~830,000 USD). Interestingly, “if the foundation holds shares in Nynas through a subsidiary, the shares in the
subsidiary cannot be sold, assigned, pledged, or otherwise transferred to anyone.”
OFAC will continue to have a say in these matters. Another clause (13) states, “A decision regarding the request for the substitution of the constitution or the implementation of an amendment according to a substitution notice is valid only if supported by all members of the board and subsequently approved by Nynas, and if the foundation directly or indirectly owns shares in Nynas, by OFAC.”
This means that the proposed transfer of PDVSA’s stake in Nynas to a new company called PDVSA Rusia S.A. will also need to be approved by OFAC.
UPDATE 30/05/2020: Yesterday, Nynas updated its dashboard. Oswaldo Javier Pérez Cuevas, a close associate of Simón Zerpa Delgado and part of Tareck el Aisami‘s circle, was appointed as the new PDVSA representative at Nynas. Fredrik Lundström (unknown in the industry according to sources) is now part of the boards of Nynas and Nynässtiftelsen.
@TareckPSUV places a puppet on the new board of @NynasBitumen. Fredrik Lundström is also a board member of Nynas’ new “independent foundation.” Cc @USTreasury https://t.co/Z6oNvJXmE1
– Alek Boyd (@infodi0) May 29, 2020