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Venezuelan President Threatens Legal Action Over JPMorgan’s “Campaign Of Terror”

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Following last night’s news that Venezuela’s state-owned oil company PDVSA had missed payments on several bond coupons, the company has categorically rejected the false accounts published in the media arguing that the payments were “in effect, sent to Citibank and then JPMorgan comes out with that totally false information this afternoon.” Del Pino raged that Citibank deliberately delayed payments from PDVSA as part of a “campaign of terror” against the company and Venezuelan President Maduro is looking into legal action against JPMorgan over their report.

As we detailed overnight, PDVSA in October swapped $2.8 billion in bonds due in 2017 for new bonds maturing in 2020... but that bounce is now dead…

As Bloomberg reports, PDVSA has activated a 30-day grace period after not meeting the full coupon payments on its 2021, 2024 and 2035 bonds that were due last week. About $400 million was due on those bonds, while PDVSA did pay $135 million due on its 2026 debt last week, JPMorgan’s Javier Zorrilla writes, citing information from the paying agent on the bonds.

But, as Bloomberg reports this morning, Venezuela’s state-owned oil company Petroleos de Venezuela SA denied that it missed coupon payments on bonds.

Furthermore, Reuters reports that:

  • VENEZUELA PRESIDENT MADURO SAYS PDVSA HAD DEPOSITED MONEY FOR BOND PAYMENT IN CITIBANK ON TIME
  • VENEZUELA PRESIDENT MADURO SAYS HAS ASKED PDVSA PRESIDENT TO LOOK INTO POTENTIAL LEGAL ACTION AGAINST JPMORGAN OVER BOND REPORT
  • VENEZUELA PRESIDENT SAYS U.S. TREASURY DEPARTMENT SUPPORTING CAMPAIGN AGAINST PDVSA


Source: http://silveristhenew.com/2016/11/22/venezuelan-president-threatens-legal-action-over-jpmorgans-campaign-of-terror/


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