Yesterday I reprinted an article from Dow Jones on how PDVSA had yet to present its financials to the US Securities and Exchange Commission. Today’s Tal Cual had a complete description of what the Government had said on the issue:
June 27th.: Ali Rodriguez (President of PDVSA) says they are waiting for the close of January and February and have asked for an extension from the SEC. (My comment: This is ignorance, you don’t need those months to prepare 2003 financials)
June 29th.: The President of PDVSA says that even though they could ask for a second extension, they expect to have the financials ready in fifteen days. (My comment, more ignorance, it would take at least three months after PDVSA completed its financials for any firm to audit them fully)
June 30th. : PDVSA Finance hands in its financials under the form 6K (not 20F as it should have been) and registers as requesting an extension.
July 1st.: Minister of Energy and Mines Ramirez says PDVSA had handed in its reports to the SEC, in truth, it had only been its subsidiary PDVSA Finance (My comment: Ignorance or trying to fool all the people all the time, this is the same guy who says weekly that PDVSA is producing over three million barrels of oil a day, while OPEC reports 2.5 million)
July 14th.: Ramirez announces that the financial statements have been completed and will be audited in fifteen days (My comment: This guy is extremely ignorant)
July 15th.: Extension ends PDVSA does not file.
July 23d. : The Vice-Minister of Energy and Mines announces that at the latest they will hand in the audited financials to the SEC by August 30th., but they can do it until September. 30th.
September 30th.: PDVSA does not hand in the financials, sources within the company tell Dow Jones it will be done by Oct. 30th., my sources say no way.
My guess is that the autumn equinox interfered with the auditors too.
The Devil's Excrement 
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