In Venezuela, boundaries have completely dissolved, exemplified by the fact that USD 60 million was diverted from a project at Pequiven to a stock investment based on decisions made by its executives. The prevailing climate of impunity leads to astonishing incidents like this one, and it is also unusual for justice to take action, as was the case here.
The Ministry of Public Affairs is investigating Rubén Ávila Ávila and Jesús Gerardo Díaz Altuve, the president and finance director of Petroquímica de Venezuela S.A. (Pequiven) in 2017, for the alleged commission of crimes including Embezzling Funds, Money Laundering, and Conspiracy.
The investigation, managed by the 57th National Prosecutor’s Office Against Corruption, identified as MP-167764-2021, extends beyond the Pequiven executives to include Arturo Siso Sosa, Ángel Francisco Ugueto Otañez, Luis Enrique Pifano Ramírez, and Fernando Lauría Romero, representatives of IG Capital Corp. (1), a stock market broker based in Panama; as well as Christian Alberto Rodríguez Sáez and Carlos Álvarez Fernández, representatives of Private Wealth Corporation, a fund management firm currently undergoing liquidation since 2023 (2).
Corruption is a common occurrence—rather than an extraordinary one as logic might suggest—in Chavismo since Hugo Chávez assumed the presidency of Venezuela after being elected in December 1998. Corruption is intrinsic to Chavismo; it is its essence. It is entrenched in virtually all areas of public life, with irregularities being the foundation and mode of existence of the Chavista system.
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The Facts
The financial damage to Pequiven amounts to USD 60 million.
A staggering sum intended for the execution of a project with the Mixta Veniran Company was diverted by the directors of Pequiven, Rubén Ávila Ávila and Jesús Gerardo Díaz Altuve, to a brokerage contract.
According to a Point of Account dated August 24, 2016, the amount of USD 65,000,000 earmarked for the Veniran project was deposited in the Swiss Italian Bank (BSI).
From this amount, Ávila Ávila and Díaz Altuve diverted USD 60,000,000 to engage in the mentioned brokerage contract with IG Capital Corp. They proceeded to transfer the aforementioned amount from the BSI to the Panamanian firm. Subsequently, IG Capital in Panama definitively transferred these funds to Private Wealth Corporation without Pequiven’s authorization on July 5, 2018.
Due to the previously mentioned actions, which represent a financial loss to the Venezuelan state of USD 60,000,000, arrest warrants, red alerts, and searches have been issued to apprehend the accused.
About Rubén Ávila Ávila
Major of the Army Rubén Alfredo Ávila Ávila, currently the Venezuelan ambassador to Kuwait, was appointed president of Petroquímica de Venezuela, S.A. (Pequiven) on January 10, 2017. Notably, his predecessor in the role since June 2015, Juancarlo Depablos, was dismissed and arrested for committing acts of corruption, as announced by then Vice President Tarek El Aissami (3).
El Aissami announced that Nicolás Maduro had decided to replace Depablos with Ávila Ávila, who was part of the military group that participated in the coup attempt on February 4, 1992. His fame from that insurrection arose from his driving of the tank that crashed against the gates and doors of the Palacio Blanco, the presidential guard headquarters.
Rubén Alfredo Ávila Ávila is a retired lieutenant of the Bolivarian National Armed Forces (Fanb). He was a list candidate for the National Assembly representing the state of Falcón in2015 for the Gran Polo Patriótico. Thus, he is an active member of the ruling PSUV party (4).
Rubén Alfredo Ávila Ávila represents one of the countless military personnel who have held strategic positions in public administration and, consequently, have been responsible for managing resources, command, and political maneuvering since the inception of the so-called Bolivarian Revolution led by Hugo Chávez.
Through Resolution No. 365, dated November 13, 2018, Rubén Alfredo Ávila Ávila was appointed Chief of Mission at the Embassy of the Bolivarian Republic of Venezuela accredited to the State of Kuwait. This is recorded in the Official Gazette of the Bolivarian Republic of Venezuela No. 41.527, dated November 19, 2018. There is no information regarding his dismissal.
Siso Sosa: Gorrín’s Partner
Arturo Ignacio Siso Sosa is a businessman partnered with Raúl Gorrín in the United States. Their connection arises through a company registered in Barbados that they allegedly use for laundering money from illegal activities.
The Banco Real scandal was also among the settings where he operated, as he was listed as the sole shareholder of Casa de Inversiones Caraval.
The links between Siso Sosa and Gorrín also appear to be established through Aventin Group Corp., registered in Panama on November 18, 2009, under proxies. This firm is mentioned in the Paradise Papers and is said to have received USD 6 million from accounts controlled by the owner of Globovisión. Aventin Corp. is also a part of the scheme. Arturo Siso’s role would be to register and represent the namesake firms of Aventin in southern Florida (5).
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Consulted Sources:
(1) Superintendence of the Securities Market. Securities Houses. Available at: https://supervalores.gob.pa/files/iper/pj_er/casas_valores/cv_ind/IG_Capital.pdf
(2) OpenCorprates. of Private Wealth Corporation S.A., in liquidation. Available at: https://opencorporates.com/companies/ch/855612
(3) El Economista. (January 11, 2017). “Venezuelan Authorities Arrest Head of Pequiven for Corruption.” Available at: https://www.eleconomista.com.mx/internacionales/Autoridades-venezolanas-detienen-a-jefe-de-Pequiven-por-corrupcion-20170111-0027.html
(4) Rueda, Jorge. (January 10, 2017). “Venezuela: Head of Petrochemicals Arrested for Corruption.” In Yahoo Noticias. Available at: https://es-us.noticias.yahoo.com/venezuela-detienen-jefe-petroqu-mica-por-corrupci-n-221420443.html
(5) Perfetto, Fiorella. (n.d.). “God Creates Them and Gorrín Brings Them Together: The Iconic Chavistas and Opponents Who Received Money from the Nation’s Embezzlement (Documents).” In The Digger. Available at: https://www.investigoinfo.com/2019/01/14/the-digger/dios-los-crea-y-gorrin-los-junta-los-emblematicos-chavistas-y-opositores-que-recibieron-dinero-del-desfalco-al-pais-documentos/
Source: Chavista Corruption: USD 60 Million Diverted from a Project to a Stock Investment at Pequiven