Venezuela President Maduro threatens to sue JPMorgan

By The Associated Press

Venezuelan President Nicolas Maduro is accusing JP Morgan of trying to sabotage Venezuela's state oil company, and he's threatening legal action.

Venezuela's President Nicolas Maduro, center left, and his wife Cilia Flores, center right, greet supporters upon their arrival for a meeting with students to mark National Student Day, outside of Miraflores Presidential Palace in Caracas, Venezuela, Monday, Nov. 21, 2016. (AP Photo/Fernando Llano)

CARACAS, Venezuela (AP) — Venezuelan President Nicolas Maduro is accusing JP Morgan of trying to sabotage Venezuela's state oil company, and he's threatening legal action.

JPMorgan analysts said on Monday that state oil company PDVSA was delaying $404 million in payments on 2021, 2024 and 2035 bonds. Maduro says on his national radio show that the delay is due to Citibank, which he says allowed a backlog to interfere with payments.

The terms of the bonds permit PDVSA to put off payment for 30 days before being considered in default.

Maduro said JP Morgan committed a crime should at least apologize. The company hasn't responded to an email request for comment.

PDVSA is the lifeblood of Venezuela's faltering economy, which is beset by high inflation and shortages.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs