PDVSA to guarantee pension fund investments lost in US fraud

clock •

VENEZUELA - Petroleos de Venezuela will cover losses suffered by the company's pension fund when it invested in an alleged Ponzi scheme in the US, Oil Minister Rafael Ramirez said.

PDVSA, as the state oil company is known, is not responsible for the losses because the operator of the Stamford, Connecticut-based hedge who committed the fraud wasn't an employee, Ramirez said in...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Join now

 

Already a Professional Pensions
member?

Login

More on Central & South America

Central & South America

ING sells LatAm business for €2.7bn

LATIN AMERICA - Dutch firm ING Groep has agreed to sell its Latin America pension and life insurance business for €2.7bn ($4bn) to Colombian firm Grupo de Inversiones Suramericana (GRUPOSURA).

Raquel Pichardo-Allison
clock 26 July 2011 •
Central & South America

Puerto Rico credit rating may be cut over pensions

PUERTO RICO - Puerto Rico's A3 general-obligation debt rating is under review for a possible downgrade because of pension strains, Moody's Investors Service said.

Alison Vekshin and Simone Baribeau at Bloomberg News
clock 04 May 2011 •
Central & South America

LatAm assets to hit $1.4trn

LATIN AMERICA - Assets in Latin American pension and mutual funds will hit $1.4trn over the next five years, with Chile emerging as the most attractive market for asset managers, a new report shows.

Raquel Pichardo-Allison
clock 02 May 2011 •
Trustpilot