Maduro Regime Threatens to Nationalize One of Venezuela’s Largest Banks

Maduro regime

EspañolThe Nicolás Maduro regime in Venezuela is threatening to nationalize Banesco, one of the largest and most important banks in the country following bank President Carlos Escotet’s alleged attempt to purchase public shares in the company.

Escotet, besides serving as President of Banesco in Venezuela, has investments in the United States, Panama, Puerto Rico, the Dominican Republic, Colombia and Spain. Now, the government is threatening to steal part of his fortune in Banesco.

“The government has 2.34 percent of the shares, and they are using all of their tricks to try and buy them,” regime official Diosdado Cabello explained on his television program this week. “They want to pay us 387 million bolívares for those 2.34 percent.”

He added, “At the black-market exchange rate that they like so much, they’re going to give us US$3,225. That’s fine, right? It’s fair.”

At that price, Cabello said the rest of the remaining 97.66 percent of Banesco shares are worth 413 billion bolivars, which comes to around US $3.4 million. Cabello said he believes the Maduro regime would be willing to buy Banesco. “We are going to buy it at the price you wanted to buy our shares at. What is good for the goose is good for the gander.”

Cabello called into question Carlos Escotet’s trustworthiness, saying he is a “rogue” who commits “fraudulent transactions”.

“Mr. Escotet, how is it that your banks on the border purchase Venezuelan currency and that the transactions only take place with Banesco?” He asked. “… I promise you that I will investigate every last detail.”

Juan Carlos Escotet is the only Venezuelan on the Bloomberg Billionaire Index’s 500 richest men. However, Forbes lists him as number 501, with a fortune of US $3.8 billion, which surpasses that of Venezuelan billionaire Lorenzo Mendoza of Empresas Polar, who has US $1.5 billion at position 1,198.

Given Escotet’s wealth and status, it makes sense that the Maduro regime would try to nationalize it. It’s something he and former President Hugo Chávez have done hundreds of times. Chávez arbitrarily nationalized Matesi, Comsigua, Orinoco Iron, Venprecar, and Tubos Tavsa, among many others.

Banesco is in jeopardy of suffering the same fate. Cabello is already warning them. “I already told the President and the President is totally willing to buy Banesco at this price of 3.4 million,” he said.

Tweet: EL JABAO wants to nationalize Banesco. Next they will want to nationalize Polar. Why not nationalize The Sun Cartel? They make more than PDVSA and they don’t pay taxes. 

Tweet: Take Banesco’s money in 3,2,1, for security, of course!

Tweet: According to Diosdado, Banesco submitted a request to buy the bank for $3.4 million. He says it was signed by Marco Tulio Vargas. 

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