The Nynas case stands out as one of the most blatant corporate raids on assets owned by Venezuelans. Prior to the sanctions imposed by the Trump administration, PDVSA held a majority stake in Nynas with over 50%. The remainder was owned by the Finnish group Neste. The Treasury’s sanctions on PDVSA created significant disruption, bringing Nynas to the brink of bankruptcy. This was followed by a completely rigged reorganization process, during which representatives of GPB Global Resources BV (Alejandro Betancourt, Francisco Convit, Boris Ivanov, Vladimir Anisimov) not only illegally appointed legal advisors on behalf of PDVSA but also secured preferential treatment among creditors.
Sources reported that a mezzanine loan provided to Nynas by Betancourt and the outstanding debt to Petrozamora (a joint venture formed by Betancourt, Ivanov, and their associates with PDVSA, which was the largest crude supplier to Nynas), ensured GPB’s seat at the reorganization table. The Treasury’s sanctions forced PDVSA to divest 35% of its 50%+ stake in a shadowy vehicle (Nynässtiftelsen or NyColleagues AB), controlled by Nynas management. GPB and major institutional creditors (banks) were prioritized, while Neste’s 49% share— which had previously withdrawn from Nynas— was acquired by a ghost entity named Bitumina Industried Ltd, which soon declared bankruptcy in London.
Davidson Kempner entered the fray, acquiring the banks’ debt and the 49% stake from Bitumina at a massive discount, thereby becoming the largest shareholder in Nynas in the process. In addition to the “subordinated hybrid instruments… (treated as shares)” preferential and the 49% stake, the remaining 35% in Nynässtiftelsen and the 15% in PDVSA (PDV Europa B.V.) must have been diluted somehow: PDVSA no longer has a seat on Nynas’ Board. The last representative of PDVSA was Oswaldo Pérez (Vice President of Finance at PDVSA).
Nynas has completely removed information about its Board of Directors from its website. Its last reported accounts, according to the website, date back to 2020. It is clear that PDVSA is no longer significantly involved with Nynas, either at the executive level or as a crude supplier. The questions are: what happened to its 15% stake? What about the 35% of Nynässtiftelsen? Is the Nynässtiftelsen stake linked to PDVSA? How does PDVSA exercise its rights in Nynas? Why no longer appoint representatives to Nynas’ Board?
In the context of Vladimir Putin’s aggression against Ukraine, it is worth noting that GPB, in its various forms, has been a sanctioned entity by the Treasury since 2014. It is also important to reiterate that Francisco Convit, an associate of GPB, is a fugitive from the Department of Justice. His partner, Betancourt, is involved in several ongoing criminal investigations. Vladimir Anisimov has been associated/ employed for decades by Nikolay Patrushev, while Boris Ivanov’s diplomatic past and ties with Gazprom are merely the credentials necessary to make it to the Treasury’s sanctions list.
All of the above has been, and continues to be, ignored by the Swedish and American authorities.