The Government (Finally) Goes After Banesco

Photo: María Alesia Sosa

Today, imposed Prosecutor General, Tarek William Saab, declared that the Public Ministry has arrest warrants for Banesco Venezuela’s CEO Oscar Doval, along with 10 other executives and high-ranking employees, to make sure “(Banesco’s) activities are done in strict accordance with law.”
As of now, the warrants name Doval, vice-presidents Jesús Irausquín, Carlos Lorenzo, Pedro Pernía and Belinda Omaña, legal adviser Marco Ortega, director Liz Sánchez, managers David Romero, Cosme Betancourt, Teresa De Prisco and ODC Carmen Lorenzo.

It was reported yesterday night that Banesco Venezuela’s board of directors was interrogated at a military base by Counterintelligence officers, all part of “Operation Paper Hands”, the government’s response to an alleged conspiracy to undermine Venezuelan economy, with dozens of arrests and lots of confiscated foreign currency.

According to data by Venezuela’s banking-regulating entity, Sudeban, 25% of all bank deposits in the nation are done through Banesco, including those coming from government institutions.

Banesco and its owner, Juan Carlos Escotet, have clashed many times with the chavista government, especially with constituyentista Diosdado Cabello.

Though still too early to tell, it wouldn’t be shocking if Banesco followed the same steps  overnight than Banco de Venezuela, Banco Federal and Banco del Caribe, turning into the newest knot in the tangled web of government-owned banks.

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  1. Beware enchufados! The Castros are wringing out the last drops from Vx’s economy. Prepare for more of the same.

    • Better said: Beware, pueblo! Because the enchufados are wringing out the last bolivars you have stored as they have done since the 70s.

      • Pretty sure the Banesco executives are not del pueblo while the actual pueblo has been done for some time now.

        • And who told you I was talking about the “executives”? Also, WHO are those “executives” according to you? Enchufados?

          Dude, I’m talking about the “pueblo” who has their money in the bank, did you really think that the regime will lift a finger against ANY actual rich person in Venezuela?

          This is part of their move to seize the remittance money that’s being sent by exiles since some time ago, and yes, those remittances are about 90% of “pueblo pat’en el suelo” that are trying to help their remaining families in the country, because that’s the castro cuban plague that seeks to stomp the people’s head into the poverty latrine and keep them there drowning in shit until they’re all dead.

  2. with dozens of arrests and lots of confiscated foreign currency.
    Sounds like a shakedown to me. Wonder where that foreign currency went?
    Por favor.
    What we’re seeing now is what the gov. did with food distribution – tool control of it so far as they could. Dinero distribution, especially with all the remittances rolling in, is now the target since income is so diminished – and will get far worse if bond holders push for acceleration.
    What would really tank the whole thing would be for the power grid to have a major problem that couldn’t be corrected with the staff and materials on hand. People have warned about that for some time but I’ve no idea how close that is to happening.

    I just have the feeling that something major is going to happen soon that will rearrange the Venezuelan landscape. Something that even the Chavistas can’t deny or carry. Something to tank the business as usual slop we’re hearing out of everyone, like there is no edge of the cliff or plank they are walking.

    • Money was completely monopolized and controlled in Venezuela since 2003 with the creation of the ultimate weapon of chabizmo to destroy Venezuela: “EL CONTROL DE CAMBIO”

    • “What would really tank the whole thing would be for the power grid to have a major problem that couldn’t be corrected with the staff and materials on hand.”

      Major problems can be made to happen …….. Just say’n.

      • “Never let a good crisis go to waste. If you don’t have a good crisis, make one.” — marxist playbook

        • But Dave, that describes a crisis that helps the administration, not hurt it.

          Or are you suggesting Maduro is playing with matches under some curtains in Miraflores, and he’s going to blame the fire on enemies of the state, like the Nazis did with the Reichstag?

          Nah, because like everything else, I’m sure VZ is suffering from a matches shortage as well.

          • This won’t “hurt” chabizmo, it’s all part of their plan, because they want to STEAL the people’s money, simple as that.

            Enchufado-manure doesn’t have their money in Venezuela and much less in worthless bolivar-toilet paper.

          • PDSVA closed down their sulfur recovery units at Amuay and Cardon (and at refinery in Venezuela) eliminating the source the sulfur to use to produce matches and many other explosives. But that does not eliminate sulfurous odors due lying ass-assholes nor those aromas left behind from fatalities left behind in “el pueblo”.

  3. Gotta love it. The remaining banking vultures fighting against chavista piranhas over kleptozuela’s stinking carcass. Remesas! The genie is outta the bottle. And then some.. Next, please make room for the salivating wild dogs from the Mud. They want a piece of that too. Crumbs left after that Banesco massacre go to the miilions of average pueblo_people starving Enchufados. Roman style!

  4. These people never fail to sink lower.

    Just when we thought we’ve seen it all…we’ve been saying that for years…we then see even more.

  5. This is true, but they sink lower in a self destructive way. If they were ruthless and also effective in their governance, something like the Chinese, or Pinochet, then Chavismo would be impregnable. But it is these self destructive actions that ought to catch up with them… eventually.

  6. There’s always more crumbs…or mangos, or cocos, or lisa or mejillas…always something to eat. Thats why it is taking so long for this gravy train to tank. Venezuela was a very volumptious woman indeed. Really sad to see what she has become.

  7. I think a point may have been lost somewhere. It’s not all about remittances.
    With interest rates fixed at unreal levels, there’s a lot of real money to be made by simply borrowing bolivares. Take out a loan, buy some lettuce or something like that, watch it grow and pay off the loan later (including interest) with a fraction of a leaf.
    So, controlling who can access those loans is a big deal. And there is nothing illegal about a bank lending out money.

    • It’s actually all about the remittances:


      These lunatics are asking people to sell their remittances at “official rate” (aka 10 Bs/$)

      • Actually, the applicable rate would be DICOM (Bs.69.000 or something like that) not Bs.10. Still a raw deal, of course. And if you want to believe what the president of SUDEBAN says, you’re certainly entitled to do so.

        For my part, I’d love to have access to a line of credit in Bs. (at 29% apr).
        And agreed, they are lunatics.

        • You couldn’t have a credit anyway, banks in Venezuela are using every excuse ever in their power to not to loan any money to the customers, precisely because the inflation makes them lose too much money from loaning.

          And when I talked about the remittances, my point was that the regime wants to stop them because the regime needs the people to stay poor and famished, and no better way to accomplish it than by stealing people’s savings, in this case, they’re doing it by forcing for decree that now the people’s money is worthless, the control de cambio allows that with the 10 Bs/$ rate, which I’m dead sure is the one they’ll want to stick to the “pendejos”.

          Even the other rate that doesn’t exist, that one from the auctions that never happened anyway (which is less than 50.000 Bs/$), is nothing next to the rate used by the chavista enchufados of 900.000 Bs/$ in average to import the myriad of useless garbage they’re bringing into the country to swindle more dollars to their accounts, you have examples of that in places such as Traki and Hiperlíder, where products like Head & Shoulders shampoo are being sold by about 13-15 million Bs for a bottle of less than one liter (13$ at black market rate and 280$ at dicom rate)

          Last time I checked, there’s no such thing as a 300$ shampoo of that brand ->

          Oh, look, margarine at 27$ and washing soap powder by 120$, only in the socialist Venezuela where dollars are “worth at dicom rate” ->

          But it turns out those are first-need products, so they ARE imported with “dólar a 10”, so then we have the most expensive margarine, shampoo and soap in the whole world at 135.000$, 600.000$ and 1,5 million dollars! It’s just that ONLY the enchufados are allowed to charge those prices, the perraje must stick to the worthless rates that overvalue the bolivar.


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