Citywire - For Professional Investors

Register to get unlimited access to all of Citywire’s fund manager database. Registration is free and only takes a minute.

Goldman under fire for Venezuela bond purchase

Goldman under fire for Venezuela bond purchase

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.


Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Events
  • Citywire Miami 2018: all the pics from day one

    Citywire Miami 2018: all the pics from day one

  • Selector soccer stars: all the photos from the Citywire Miami 2018 matches

    Selector soccer stars: all the photos from the Citywire Miami 2018 matches

  • Citywire New York 2017: All the pics from our fund selector forum

    Citywire New York 2017: All the pics from our fund selector forum

  • Citywire Latin America 2017: check out the pics from day two

    Citywire Latin America 2017: check out the pics from day two

  • Citywire Latin America 2017: all the pictures from day one

    Citywire Latin America 2017: all the pictures from day one

  • Citywire Santiago 2017: all the pics from our fund selector forum

    Citywire Santiago 2017: all the pics from our fund selector forum

  • Citywire Mexico 2017: all the pics from our fund selector forum

    Citywire Mexico 2017: all the pics from our fund selector forum

  • Citywire Miami 2017: all the photos from day one

    Citywire Miami 2017: all the photos from day one

  • Citywire Miami 2018: all the photos from day two

    Citywire Miami 2018: all the photos from day two

  • Citywire Miami 2017: all the pics from our fund selector forum

    Citywire Miami 2017: all the pics from our fund selector forum

  • Wine tasting at the Ritz Carlton Santiago

    Wine tasting at the Ritz Carlton Santiago