Thursday, March 5, 2020

Venezuela Seizes Assets From Six Shipping Companies

President Nicol├ís Maduro of Venezuela 
Venezuela has moved to seize assets of six shipping companies claiming they have unpaid debt to state oil company Petroleos de Venezuela (PDVSA).

According to an internal INEA document seen by Reuters dated Feb. 17, a Caracas criminal court decreed the seizure of assets belonging to the six agencies for alleged “misappropriation” of funds, harming PDVSA.

Since the U.S. imposed sanctions on PDVSA last year in a bid to oust socialist President Nicolas Maduro, shipping agencies have been reluctant to carry out transfers to PDVSA’s bank accounts for fear of running afoul of restrictions on dealing with the entity, according to Reuters.

Consider this as bad economics socialism meeting the Empire.

-RW


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