Venezuela Says Citgo Sales Process Proposal Is Flawed

By Clark Mindock (November 5, 2021, 4:46 PM EDT) -- Venezuela has slammed the proposed sales process in which a state-owned business would be forced to sell shares in Citgo's parent company, arguing an investment banker hired to advise the special master who penned the proposal is biased and shouldn't be working the case.

The country, which is embroiled in a fight over the sale of state-owned Petroleos de Venezuela SA's shares of PDV Holding Inc. to satisfy a $1.2 billion debt, said that a report from the special master was tainted because it relied on advice from investment banker Evercore. That institution had a financial incentive to push for the...

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