FONDEN: Mentiras, engaños e incompetencia

La información que presento, está tomada del blog (devilsexcrement.com/2012/10/01/chavez-developement-fund-fonden-lies-deceit-and-mismanagement/#comments) de Miguel Octavio, el excremento del diablo, en alusión directa a la famosa frase de Peréz Alfonso.

En esta edición del blog, se hace mención al “Informe de los Comisarios” de Fonden que puede leerse en www.scribd.com/fullscreen/85696003?access_key=key-9tldv4p5ch9mgy56303 y que se refiere al ejercicio económico de Enero a Junio 2011.

Transcribo en inglés una parte del blog en la que hace referencia al Informe arriba mencionado:

1) Fonden had invested or purchased some form of notes from Lehman Brothers (point 6, page 11) in the amount of US$876 million. It has never been made clear what this investment was, but it was dumb to invest in a note issued by Lehman Brothers in such a large amount, If the purpose was to invest, it should have been made in a diversified portfolio in custody with Lehman Brothers. (Those who had custody did not lose a cent with Lehman, only those buying securities issued by Lehamn lost their shirt) Of course, this note in itself had some dubious purpose, which we do not know. The result was that Lehman Brothers went bankrupt and in the first few months after its bankruptcy, instruments issued by Lehman were trading around 20% (or less) of its face value, roughly US$ 175 million, yielding a loss to Fonden of approximately US$ 701 million.

2) Fonden invested US$ 494,600,000 in Ecuadorian bonds (point 8, page 12). This was clearly a political investment made to help President Correa and Ecuador. However, Ecuador decided not to keep paying these bonds. (Nice friends, no?) It is not clear which bonds Fonden purchased. But in December 2008, the Ecuador 2030 bond had a price of around 25%, giving Fonden a loss of US$ 370 million.

3) At some point Fonden bought US$ 50 million in dollar denominated bonds of Honduras. Given that this country has not issued bonds publicly, this was clearly a private issue made for Fonden simply as a way of Chavez helping prop up the Government of Manuel Zelaya. These bonds have no know market value, let’s generously assume a value of 20% and we get a loss of US$ 40 million. As we will see below it was much more.

Total loss in these three investments of US$ 1.42 billion: At least US$ 1.11 billion. So, we know what happened to at least one billion dollars of the US$ 105 billion given to fund: It was used politically to make questionable investments and in dubious fashion.

Of course, there was no accountability, those that made these decisions and lost the money are still the same people running Fonden. But not only nobody was made accountable, but the losses were hidden on purpose, so that they would go unnoticed. And the proof is in this Prospectus from Emerald Capital, which was mentioned in the “Informe de los Comisarios” and which a friend has generously sent me to allow me to tie up most of the details

……………..

But as you can see in page 26 of the Emerald note, it is worth much less. In June 2012, for example, if Fonden had asked for the Note to be cashed in, it would have been worth only US$ 41 million. And since it was worth less than US$ 26 million during the first year, it means that the original $260 million which was left of the US$ 876 million invested in Lehman, was worth less than 10% when it began (and there are commissions too).

Somewhere else, there is the second note for US$ 650 million, I have not found it. If it is anything like this one, it is worth at most US$ 65 million. Thus, in the end, it appears that Fonden lost 90% of the investments, registers US$ 910 million in notes, but they will not get closed to it until 2024, cross your fingers.

By then these people will be long gone, never accounting for their lies and crimes against the people of Venezuela.

Personalmente, creo que si conseguimos el camino del futuro, todo este pillaje y actuacciones de corsarios, deberán y serán desenmascaradas, y los responsables directos llevados ante la justicia verdadera de Venezuela y ante la Internacional, porque no hay peor castigo a un “bribón”, que quitarle los dineros mal habidos……

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Un pensamiento en “FONDEN: Mentiras, engaños e incompetencia

  1. Kepler Says:

    October 1, 2012 at 7:55 am

    Great work, Miguel.
    I have written about this before in my blog but here it goes: if you google
    “Фонден Венесуэла” simply, you will find a lot of official documents referring to the 400 million dollar purchase of the Russian bank plus some direct references to that being used for the purchase of weapons. There are further references on that in Russian business newspaper Kommersant, not a Novaja Gazeta kind of newspaper that could be critical of Putin and Chavez, but rather standard accepted stuff by Putin and his cronies.
    The official newspapers in Russia talk over and over again about the use of FONDEN for the purchase of weapons.
    And there is even a quote from “Russian official” of the department for the military cooperation that says it is of absolute interest for Russia that Chávez remains in power.

    Y los pendejos hablan de soberanía…

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