Archive for November 30th, 2002

Bizarro Bolivarian World: Parrallel Board of Directors for PDVSA

November 30, 2002

In one of the most bizarre episodes of the Chavez Goverment, a former Vice-President of Venezuela during the Chavez administration, the former President of the state oil company PDVSA during the April crisis, two of the Board members at that time, its current  Head of Security and others, were charged by local newspaper El Nacional yesterday (page E-1) of forming a parallel Board of Directors for the company and holding a shareholders meeting at which they made the following decisions:

-Hold a politcal trial of all of the Board members of PDVSA during the last twenty years.

-Remove the President of the company, Ali Rodriguez, a Chavez appointee and both the current Minister and Vice-Minister of Energy.

-Hold a new stockholder’s meeting to have the Board of Directors report to them on their administration.

While one of the former Directors of PDVSA denied that this ever took place (today’s El Nacional, page E-1), a fomer Director of the Ministry of Energy and Mines who was also named by the newspaper yesterday said today (same page) that the documents are real and while the parallel Board and shareholders meeting were proposed, they were never held.

To me that is like saying that I am indeed crazy, but not as much as you are accusing me of being.

Talks fail, general strike on

November 30, 2002

Despite last minute efforts by the Secretary General of the OAS Cesar Gaviria, the talks to stop the general strike scheduled for Monday broke down today. The Government blamed the more radical groups for the breakdown, however, we had been skeptical of any last minute resolution as the Government could not promise to hold the referendum after the ruling by the  Supreme Court two days ago.