This Wednesday the Ad Hoc Board of Petroquímica de Venezuela S.A. (Pequiven) presented, after a request from the President (E) of Venezuela, Juan Guaidó, an account and management report to the National Assembly on the efforts undertaken in the last months.
First achievement: Control and recovery of Monómeros Colombo Venezolanos S.A.
Monómeros is a Colombian company dedicated to the production and commercialization of fertilizers, calcium phosphate, for animal feed and chemical products.
The shareholders of this company and their stakes are as follows: Petroquímica de Venezuela S.A. (86.21%), Comercializadora de Petroquímicos S.A. (3%), Sofilago S.A. (3%), International Petrochemical Holding Limited (3%), Fertilizadores y Servicios para el Agro S.A. (4,79 %). All of the aforementioned companies are controlling shareholders of Pequiven and representatives of these shares have been appointed by Pequiven’s Ad Hoc Board of Directors.
Second achievement: Pequiven’s Ad-Hoc Meeting authorized the reversal of the profit payout decreed in fiscal year 2018 at the Monómeros Shareholders’ Meeting
In December 2019, the Ad-Hoc Board of Directors of Pequiven, on the recommendation of the Board of Directors of Monómeros, decided to reverse the recognition of dividends declared in October 2018 since the administration of the Maduro dictatorship intended to pay shareholders the amount of $20 million that did not exist in the balance sheet.
The only logical destination of this decision would be to continue embezzling money from the company’s coffers to oxygenate the Venezuelan regime and other private interests.
All the efforts executed by this board of directors of Pequiven have been in favor of enabling the achievement of the company’s objectives, specifically, to exercise control of Pequiven’s assets abroad, for the benefit of the development and recovery of the country.
Third achievement: Destination of profits decreed in the closing balance of the year 2019 to the financial reserve of Monómeros Monómeros Colombo Venezolanos S.A.
According to the results for the year ended December 2019, the company recorded losses of 25,792 million 704 thousand pesos. However, the company presented balances for occasional distributable reserves, specifically for equipment investments to the amount of 30,694 million 250 thousand pesos, and also 6,000 million 983 thousand pesos, accumulated distributable results from previous years.
This the Ad-Hoc administrative board of Pequiven took the decision to wipe out the loss of the year ended December 31th, 2019 with the total accumulated distributable reserves presented by the company at that date and maintain a balance as a financial reserve to the amount of more than 11 billion 884 thousand pesos.
These decisions contribute to the company’s balance sheet recovery and financial situation of Monómeros, which will now make it possible to continue the growth of this Pequiven subsidiary and overcome the stagnation that existed due to the misappropriation and mismanagement of funds by Maduro’s government, demonstrating to Venezuela that there is a different way of managing assets and obtaining positive results as a result of effort and teamwork.
Fourth achievement: Approval of the criminal and administrative actions against Pedro Lugo, former general manager of Monómeros
Mr. Pedro Lugo held the position of General Manager of Monómeros between September 2013 and June 2019. During this period, he failed to fulfill his duties and obligations in his management of the company with respect to acts, contracts and legal transactions necessary for the full performance of his activities, exceeding his powers without the prior authorization of the executive committee or the board of directors. Mr. Lugo also entered into contracts that proved to be adverse to the interests of the company, causing it serious damage.
It is for this reason that the board of directors of Monómeros submitted the case for consideration by the Ad Hoc administrative board of Pequiven and agreed to initiate the corresponding administrative and criminal proceedings.
Furthermore, the corresponding lawsuit has been filed with the Superintendence of Companies, Delegation of Mercantile Procedures in Bogota, Colombia, for the administrator’s responsibility, as well as the corresponding complaint with the Attorney General’s Office, unit of crimes against the economic patrimony and public faith of the Barranquilla Public Prosecutor’s Office.