Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Venezuela orders arrest of new Citgo board member named by opposition

Published 01/18/2021, 04:05 PM
Updated 01/18/2021, 06:15 PM
© Reuters. FILE PHOTO: Venezuela's Chief Prosecutor Tarek William Saab gestures to the media during a news conference in Caracas

CARACAS (Reuters) - Venezuelan authorities issued an arrest warrant for a new member of the board of directors of U.S.-based refining firm Citgo Petroleum Corp named by the opposition this month, chief prosecutor Tarek Saab said on Monday.

Saab said Jose Ramón Pocaterra was "illegally designated" to the board of Citgo, a subsidiary of Venezuelan state oil company Petroleos de Venezuela, and announced charges against him for alleged crimes including conspiracy, usurpation of public functions, and obstruction of justice.

The opposition took control of Citgo in 2019 after the United States, along with dozens of other countries, recognized Juan Guaidó - the speaker of the opposition-held National Assembly - as Venezuela's rightful leader. They argued that President Nicolas Maduro had rigged his 2018 re-election.

Maduro remains in power, and his government controls PDVSA's operations within Venezuela. His allies frequently accuse Guaidó of trying to "steal" Citgo, which is headquartered in Houston.

"These are just excuses to continue the theft they have been undertaking," Saab said during a state television appearance.

Neither Pocaterra, a financial specialist, nor Citgo immediately replied to requests for comment. Pocaterra is living in Madrid, according to his LinkedIn (NYSE:LNKD) profile.

The opposition has sought to protect Citgo from creditors and others attempting to seize control of the company to collect on unpaid debts and arbitral awards from Venezuela.

Saab criticized the decision in U.S. courts allowing Guaidó allies to represent Venezuela in those cases, arguing the government was denied the right to adequate defense.

Saab also announced charges against Andres Yrigoyen, who he said had been named chair of Citgo's board. Citgo has not announced that designation, and Yrigoyen told Reuters he had not accepted the role.

© Reuters. FILE PHOTO: Venezuela's Chief Prosecutor Tarek William Saab gestures to the media during a news conference in Caracas

Citgo announced last September that board chair Luisa Palacios would step down, the first in a string of high-level departures.

Latest comments

This is the future of the US with the new admin
Feeling strong support from DC now.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.