Goldman Sachs has come under fire after it bought bonds from Venezuela’s central bank, which the government’s opposition said helped boost the financial situation of Nicolas Maduro’s controversial government.
Last week, the firm paid about $865 million for $2.8 billion worth of bonds issued in 2014 by Venezuelan state oil company Petróleos de Venezuela, according to the Wall Street Journal, which first reported the news.
The firm confirmed in a statement that it had purchased the bonds, which mature in 2022, according to the Journal.
Venezuela's government has been accused of human rights violations and is facing a humanitarian crisis as the country has grappled with low oil prices and economic mismanagement.
In an open letter to Goldman’s chief executive, Lloyd Blankfein, Venezuelan opposition leader Julio Borge said that ‘Goldman Sachs decided to make a quick buck off the suffering of the Venezuelan people.’
In recent months, Goldman has increased its holdings in Venezuela in because a change in government could more than double the value of the country's debt, two people familiar with the matter told the Journal.