Venezuela’s President Maduro orders lawsuit against JP Morgan Chase

Venezuelan President Nicolas Maduro has ordered the state-owned PDVSA oil company to take legal action against US-based investment bank J.P. Morgan Chase in response to the bank’s allegedly false reports on Venezuelan payment delays.

According to bank reports, there had been delays in Venezuela's $404-million interest payments for bonds that mature in 2021, 2024 and 2035, suggesting that the country might be having trouble paying on time.

Later, the bank clarified its statements, saying that 2035 bonds enjoy a 30-day grace period, while acknowledging that the delay reports regarding the 2021 and 2024 bonds were incorrect.

The president said that he expects J.P. Morgan to "acknowledge and publicly say that they were wrong, to offer apologies to the Venezuelan people" and added that Citibank, the paying agent, appears to have "deliberately delayed" some Venezuelan payments.

 

Back