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Venezuela’s President Nicolas Maduro speaks during his
weekly broadcast «En contacto con Maduro» (In contact with
Maduro) in La Victoria.
Thomson
Reuters
CARACAS (Reuters) – Venezuelan President Nicolas Maduro on
Tuesday ordered state oil company PDVSA to look into legal action
against JPMorgan Chase & Co after the U.S. investment bank
reported delays in $404 million in bond interest payments.
PDVSA said on Monday it was using a 30-day grace period for
coupon payments on its 2035 bond but that reports of other
payment delays were wrong. It suggested paying agent Citibank was
creating a backlog that had spooked markets.
«JPMorgan’s attitude is of a criminal nature,» Maduro said during
a salsa music program he broadcasts from the presidential palace.
He said local and foreign opponents were conspiring to give a
false impression that Venezuela is on the verge of a debt
default.
Maduro accused JPMorgan of falsely reporting that PDVSA was in
default.
In fact, the report in question said payments on three bonds were
not made on time and that the company had a «30-day grace period
to make payments on the coupons before (the situation) becomes an
event of default.»
Maduro said he had asked PDVSA head Eulogio Del Pino to study
legal options. «The least JPMorgan can do is apologize to the
Venezuelan people,» Maduro said.
Maduro also said the U.S. Treasury Department was behind a
campaign against PDVSA.
Supporters
of Venezuela’s President Nicolas Maduro shout slogans in front of
Venezuelan National Guard members, outside the National Assembly
building during a session in Caracas, Venezuela, October 27,
2016.
REUTERS/Marco
Bello
JPMorgan, Citibank and the Treasury Department did not
immediately respond to requests for comment.
PDVSA said it had «punctually» paid this month’s obligations for
2021, 2024 and 2026 paper but had activated the grace period for
the 2035 bond.
For years, investors have been concerned that PDVSA might
ultimately be unable to meet its hefty debt obligations during a
severe recession at home and a fall in oil prices.
«I’d tell the bondholders to call Citibank and ask why they are
delaying payment of money that is already in their accounts,» Del
Pino said on state television late on Monday night.
Del Pino suggested Citibank was participating in «attacks» on
Venezuela’s socialist government and implied that it had reneged
on its contract, but later said the bank confirmed it was making
payments.
The Citigroup Inc unit told bondholders in a letter in July that
PDVSA would need to name a new paying agent for seven outstanding
dollar-denominated bonds.
Citigroup will stay on as paying agent until PDVSA finds a new
one, said the letter, which Reuters saw.
(By Corina Pons; reporting by Eyanir Chinea; Writing by Girish
Gupta and Andrew Cawthorne; Editing by Alexandra Ulmer and Lisa
Von Ahn)
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