In a statement, the PDVSA subsidiary company in the US points out that they were legitimately elected by the 2015 National Assembly, which at that time had an opposition majority.
The boards of directors of PDV Holding Inc., Citgo Holding Inc. and Citgo Petroleum Corporation and the management, rejected this Friday, November 1, in a statement the conclusions of the report recently issued by the Special Commission of the National Assembly controlled by the government of Nicolás Ripe.
“The report alleges the alleged theft of Citgo, coordinated by the National Assembly (AN) elected in 2015, the ad hoc Administrative Board of Petróleos de Venezuela SA (PDVSA), the executives who lead the Companies and the United States Government,” reads a part of the text.
The company recalls that at the beginning of 2019, the AN 2015 appointed an ad hoc board of directors of PDVSA, which, in turn, appointed a new board of directors of PDV Holding, Inc., which subsequently appointed the directors of its subsidiary, Citgo Holding, Inc., and so on.
“The AN 2015 is the only authority in Venezuela recognized by the US and, as a result, US courts have recognized the current members of the boards of directors as the legitimate officers and directors of the Companies. Therefore, there is no basis for the accusations included in the report that establish that the members of the boards of directors and managers of the Companies were illegally appointed,” they state.
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Citgo says that since their respective appointments, the boards of directors and managers have worked tirelessly to ensure that they improve their performance in compliance with applicable laws.
“Poor management by previous administrations, appointed by PDVSA under the control of the Chávez and Maduro regimes, had impacted not only the company’s profitability, but also the safety and reliability of its operations,” hold.
In addition, they report that “there are serious accusations of financial irregularities, conflicts of interest and acts of corruption that occurred in past administrations.” Likewise, there were ongoing threats against Citgo’s assets due to litigation against PDVSA and the Government for debts generated during the Chávez and Maduro regimes.
Current executives say they have put Citgo in a new direction. “Integrity and transparency have been fundamental principles established by the members of the boards of directors, as well as management, since 2019.”
The company said that the entire board is committed to raising the company to the highest standards in the industry, and that they will continue to do so, despite these “baseless” accusations.
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