By Peter Binose

PetroCaribe is part of PDV Caribe which is wholly owned by Petróleos de Venezuela S.A.   PDV S.A. Most of us thought it was the other way around. PDV SVG Ltd is a 55% owned subsidiary of PDV S.A. 45% being owned by the government of Saint Vincent and the Grenadines. Which according to the Prime Minister means we have no right to view the inner workings of PDV SVG Ltd. Not being a lawyer with the experience of company law we will have to get better advice on that. But I suppose being a Vincentian registered company and as a major minority shareholder we do have some rights to see the accounts each year as presented to the SVG Companies Registration department.

In July 2006, credit ratings agency Moody’s Investor Service said it was removing its standalone ratings on PDVSA because the oil company does not provide adequate operational and financial information. PDVSA had still not filed its 2004 financial results with the US Securities and Exchange Commission that were due in June 2005. They do not allow governments to see their inner workings, they hide their accounts. Just like PDV SVG Ltd do exactly the same thing. But Moody’s would stand none of that so they abandoned their ratings which further damaged the corporation. So perhaps that is an insight to what PDV are doing in SVG.

The real problem really stems from the fact that Venezuela’s PDV S.A. is a politically run and a politically owned corporation. No one can work for them unless they have sworn an allegiance to the Chavez revolution, and that is a fact.

In 2006, Rafael Ramírez, the energy minister, gave PDVSA workers a choice: Support President Hugo Chávez, or lose their jobs. The minister also said: “PDVSA is red [the color identified with Chávez’s political party], red from top to bottom”. Chávez defended Ramírez, saying that public workers should back the “revolution”. He added that “PDVSA’s workers are with this revolution, and those who aren’t should go somewhere else. Go to Miami”.

http://news.bbc.co.uk/1/hi/world/americas/6114682.stm

It would appear it also applies to the subsidiaries and those that run them so we need to know if the person holding our shares in PDSA SVG Ltd Ralph Gonsalves has taken the Chavez pledge and also if the directors took the pledge. I believe the Directors are or were at some time Sir Vincent Beache, Godfrey Pompey, and Nathaniel Williams.

Now you see Mr Eustace as a definite non pledged Chavez revolution person you can go boil your head before they will show you the accounts. Now that may upset you Mr Eustace but as a non-Marxist you do not qualify even to pledge to the Chavez revolution.

Now one thing for sure if this turns out to be unconstitutional then the contract may be compared to the 2004 Teachers agreement which was also unconstitutional and therefore unenforceable. Maybe this is another masterstroke, lies and the sleight of hand and the deception is at play.

Being a Marxist organization and corporation PDV S.A. must already understand that Marxist’s are prone to tell written and verbal lies to achieve their goals, so they may well expect to eventually get well and truly shafted in SVG.

Even recently the PDVSA continued to hire only supporters of the president and the revolution, and PDVSA revenue is used to fund political projects.

http://www.economist.com/blogs/americasview/2012/08/venezuelas-oil-industry

By the way I am the only non Marxist and non Chavez revolution pledged person who has copy’s of PDV accounts and also PetroCaribe accounts. That I am sure will be annoying to those Vincentians who have pledged to the Chavez revolution, but there is more than one way of skinning a cat!

Coming soon the SVG papers, following on from Wikileaks and the Panama papers.

The rush through in a single day three reading and passing of the Bill last week in parliament on June 24 2016 of ‘PetroCaribe Special Fund Bill’ which in my view is an attempt to hide the past actions of PetroCaribe SVG and PDV SVG Ltd. Fortunately for the readers most of that will be published by me next week.

A whole lot of items are to be exposed during the coming weeks and I am telling the regimes that so that if they think rushing through the Cyber Crime bill will help them to stop this happening, it will most certainly not. It’s already collated and ready to roll.

Peter Binose supporting SVG whistle blowers.

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IMAGE: PetroCaribe