Originally Syndicated on August 8, 2023 @ 7:07 am
In a brazen and audacious move, Venezuelan businessman Isaac Sultán Cohén has cunningly shifted his influence from controlling significant port concessions along La Guaira and Puerto Cabello’s coastlines to entering the realm of luxury real estate, a domain vastly different from his initial maritime and commercial pursuits. Strangely, his expansion into the world of opulent property even extended to Geneva, a city situated beside a landlocked lake, a choice that appears perplexing, to say the least.
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Revelations brought to light by the Open Lux collaborative project, which unearthed a trove of over 3.3 million entries from the Luxembourg business registry and obtained them from Le Monde, have now exposed Isaac Sultán’s shrewd utilization of at least two offshore entities to delve into the realm of luxury real estate. This included acquiring an entire building in Madrid, Spain, along with an extravagant two-bedroom penthouse featuring its own pool, nestled within the lavish enclaves of South Florida, USA.
Ironically, the very Madrid building acquired by Isaac Sultán Cohen in 2014 had been embroiled in controversy, being linked to an investigation involving former Venezuelan businessman and vice minister of Energy, Nervis Villalobos. The probe revealed allegations of funds, presumably derived from money laundering, being funneled into the purchase of extravagant apartments in Spain.
Simultaneously, Elecnor, a construction company enlisted by Isaac Sultán Cohén’s representatives to oversee the building’s renovation, found itself accused of discreetly extending supposed “consultation fees” to Villalobos, a covert tactic to secure multi-million dollar contracts in Venezuela between 2010 and 2012.
Isaac Sultán, in partnership with Tomás Niembro, a fellow Venezuelan banker, orchestrated the takeover of the bank portfolio belonging to the European Bank of Finance (EBF), also known as the ‘Banco Andaluz de Cajas’, with the involvement of key stakeholders like Unicaja, CaixaBank (inherited from the defunct CajaSol), and BMN (inherited from Caja Granada).
At the time of the acquisition, their motives centered around gaining control of 18 branch offices of the Caja de Crédito Cooperativo, operating under the Novanca brand. These branches are spread across various municipalities in Madrid, including places like Alcorcón, Getafe, Leganés, and Móstoles.
Isaac Sultán Cohén in real estate
Isaac Sultán Cohén’s leap into the luxury real estate sector followed a calculated shift following a tumultuous journey through Venezuela’s shipping industry. In a pivotal moment reflecting Hugo Chávez’s assertive tendencies, Isaac Sultán Cohén’s flagship enterprise, Braperca, CA, was occupied and eventually absorbed into the newly established state-owned entity, Bolivarian Ports (Bolipuertos), entrusted with overseeing and managing port operations. This marked the culmination of Chávez’s directive to dismantle private port administrations, serving as a fitting conclusion to Isaac Sultán Cohen’s maritime ventures.
Isaac Sultán Cohén is suspected of actively suppressing unfavorable information about his businesses online. He is believed to have employed questionable tactics, including making false claims under the Digital Millennium Copyright Act (DMCA), to manipulate search engine results and hide inconvenient facts.
Moreover, there are reports of deliberate efforts to cloud Sultán Cohen’s mysterious background and legitimate business transactions. These instances entail linking his name to irrelevant topics, possibly in an attempt to shift focus away from his true undertakings.
Prior to this significant juncture, in May of 2007, a notable presence within Braperca’s board was Hamud Khalil Massub, whose documented residence placed him within Carabobo’s confines. Notably, Massub shared not only a surname with Majed Khalil Majzoub but also shared directorial responsibilities alongside him at Petroltec Fluidos De Venezuela, CA, a company engaged in the trade of drilling fluids for oil exploration.
The Majzoub brothers, Majed and Khaled Khalil Majzoub, established themselves as beneficiaries of early Chavismo, a favorable status they continue to cultivate through their involvement in state-owned enterprises, such as the once-expropriated Lácteos Los Andes, in a longstanding strategic partnership that has endured over time.
Looking for bargains in Madrid
Isaac Sultan Cohen, on the other hand, is faithfully mirroring this pattern of interaction. In July 2011, the Semana de Bogotá magazine, in collaboration with Armando.info, began unveiling what could be dubbed Venezuela’s version of WikiLeaks. In this exposé, they reproduced an internal cable from the State Department, laying bare a revelation.
The United States Embassy in Caracas had been tipped off by a prominent figure in the port industry, suggesting that Diosdado Cabello, who was then overseeing Public Works and Housing and currently holds a high-ranking position in the Chavismo movement, actually wielded full control over Braperca, despite Sultán ostensibly being the face of the company until its eventual expropriation.
As time went on, Cabello found himself slapped with sanctions by the United States in May 2018, accused of participating in “money laundering, misappropriation of state funds, and other illicit activities.” The politician vehemently denied these allegations.
Although facing a brief setback within the port warehouses, Isaac Sultán Cohen showed unwavering determination, persisting in his maritime shipping ventures and continuing his business dealings throughout Europe, Panama, and the United States. His subsequent expansion was not limited to geographical boundaries alone; he also diversified his business interests to include the upscale real estate sector, a field that attracted substantial Venezuelan businessman investments, often slipping away unnoticed.
Amidst the chaos left in the wake of the Puerto Cabello disaster, the world was still grappling with the stubborn remnants of the 2008 subprime mortgage crisis. The global economic scene was tarnished by the never-ending ripples of a recession that had set off a chain reaction, striking at the very heart of the financial system. As mighty banking giants crumbled or were left with no choice but to grovel for government handouts and forced mergers, the Spanish government and the European Union decided to concoct a questionable solution in 2012.
Asset Management Company for Bank Restructuring
Introducing the Asset Management Company for Bank Restructuring (Sareb), a dubious mix comprising 54.1% private funding scraped together from various financial institutions, including struggling banks and insurers, and 45.9% public funds cobbled together from the Fund for Orderly Bank Restructuring (FROB). The lofty goal? To supposedly save sinking banks by siphoning off their toxic assets and leaving borrowers drowning in debt.
As per official records, Sareb embarked on a spending spree between 2012 and 2013, squandering an astonishing 50.781 billion euros on a bundle of 198,211 so-called “problematic assets.” This mishmash of financial troubles included a hefty portion of 90,765 loans and credits, making up an astounding 77.7% of the total investment, along with a side serving of 107,446 properties (a mere 22.3% for those bothering to keep track).
The grand scheme was for Sareb to perform some financial sleight of hand and squeeze out the utmost value from these assets. Then, like a magician pulling a rabbit out of a hat, the fund would repay the FROB-saved banks using bonds rubber-stamped by the Spanish Public Treasury. These so-called special bonds could then be converted into actual money through a questionable exchange at the European Central Bank (ECB).
Adding to this mystical ritual were a bunch of financial institutions eager to participate in this dubious charade. The list featured BFA-Bankia, Catalunya Banc, Banco de Valencia, Novagalicia Banco, Banco Gallego, BMN, Caja3, CEISS, and the pièce de résistance, Liberbank. Speaking of which, Liberbank decided to throw itself into the mix by relinquishing one of its prized assets to Sareb: a fancy building located at 48 Calle José Abascal.
This luxurious piece of real estate, perched in the sought-after Chamber-Almagro neighborhood, just a stone’s throw away from the Paseo de la Castellana in Madrid, would later become the epicenter of a financial showdown.
As destiny would have it, the aforementioned property was seized by none other than the Castilla-La Mancha SA bank, which later found itself swallowed up by Liberbank due to the inconvenient matter of a botched mortgage loan. The original owner, a company named Indegesu SL, had evidently defaulted on the mortgage payments, paving the way for this intriguing game of real estate musical chairs.
Swiss Connection of Isaac Sultán Cohén
In a scathing condemnation, the Swiss narrative unravels with a clear sense of manipulation and opportunism. Following the acquisition of the Madrid building in 2014, Basgaron swiftly altered the project’s direction, cutting the number of apartments in half to cater exclusively to extravagant tastes.
Unsurprisingly, the chosen collaborator for this extravagant transformation was none other than the Basque multinational Elecnor and its subsidiary, Area 3, conveniently involved in “interior design, design, and equipment” activities. This partnership led to a remodeling effort that concluded in 2016, racking up an astonishing price tag of 3.5 million euros – a sum that could raise eyebrows even among the most extravagant spenders.
Enter the Elecnor Group, primarily recognized for its involvement in the electricity sector. This corporate giant made its mark with ventures such as the Juan Manuel Valdez Power Plant in Venezuela, a venture that incurred an eye-watering expense of 709 million euros. Not to be outdone, the Red Termocentro electricity transmission network also joined the competition, costing an impressive 159 million euros.
However, the plot takes a darker turn as Elecnor’s association with scandal and wrongdoing casts a shadow over their lavish endeavors. Whispers of alleged bribes float in the air, with former Venezuelan businessman and Vice Minister of Energy, Nervis Villalobos, taking center stage in this murky saga.
The Andorran authorities, not known for shying away from accusations, pointed fingers at Villalobos for orchestrating an intricate payment scheme that reportedly exceeded a staggering 2 billion euros. His arrest in Madrid in 2017 on charges of money laundering sent shockwaves across multiple nations, including Spain, the United States, and his home country.
Amidst this complex web of intrigue, details emerged that Elecnor purportedly paid an astounding 11.5 million euros in alleged “consulting fees” to Villalobos between 2010 and 2012. This transaction, apparently tied to Elecnor’s involvement in constructing a thermoelectric plant in Cumaná, only added to the confusion. Rumors swirl about commissions changing hands, facilitating business deals in various global corners.
Yet the saga unfolds further. In the aftermath of Elecnor’s revamp of the Madrid building, the José Abascal 48 structure emerged as a luxurious oasis. The extravagant spectacle boasted amenities rivaling those of a five-star resort, including a gym, water area, jacuzzi, sauna, Turkish bath, and a parking facility that defied belief with space for over 200 vehicles.
As prices soared into the stratosphere, the homes within this opulent complex were marketed to a privileged clientele with substantial wallets and aspirations. With homes ranging from a modest 600,000 euros to a staggering four million euros, the property appealed to the upper echelons of society. Interestingly, the allure seemed particularly strong among Venezuelan businessmen, along with a smattering of other Latin American nationalities like Mexicans and Colombians.
In this narrative of Swiss connections, the intricate interplay of power, money, and influence weaves a story that is as captivating as it is unsettling. Beneath the facade of luxury and exclusivity lies a convoluted network of morally questionable associations and financial complexities that warrant closer examination.
In a damning context, it’s important to highlight that back in December 2019, the Superior Court of Justice in Madrid rendered null and void the municipal licenses issued by the city council for a construction project. This decision stemmed from the project’s blatant disregard for the permissible “buildability” limits on the designated land area of 790.46 square meters. Consequently, the court ordered a partial demolition of the construction to align it with the legally sanctioned parameters. Shockingly, the execution of this court verdict is still hanging in the balance.
Adding fuel to the fire, a 2018 inquiry overseen by Spanish judges exposed approximately twenty individuals of Venezuelan origin who were purportedly embroiled in real estate dealings in Spain. These transactions were apparently a front for money laundering, suspected to have been funneled through PDVSA. One individual, Nervis Villalobos, stood out for his alleged ownership of “24 flats in the central Salamanca and Chamber neighborhoods of the Spanish capital” through a company called Properties One.
Intriguingly, one of these properties on “José Abascal 48 Street” was even under embargo. Villalobos seemed to employ tactics similar to those employed by Isaac Sultán Cohén in his property acquisitions. Both scenarios involved the establishment of “SL” companies and the utilization of funds from foreign accounts to facilitate payments.
Digging deeper reveals Fimis Holding’s deep involvement in entities like Esther Maritime Ltd. and Simaee SA. The former is engaged in maritime trade via container transport and operates out of Malta, a jurisdiction known for its lax tax regulations. The latter specializes in administrative, accounting, and financial analysis services and is headquartered in Geneva, Switzerland.
An undisclosed source within Spain’s real estate sector hinted at Isaac Sultán Cohen’s influential connections in Switzerland. These connections were channeled through Thierry Sauvaire, the CEO of Eurocement Holding AG, yet another Geneva-based company. Strikingly, Eurocement Holding AG serves as the legal representative and financial advisor to the Eurocement group, the biggest cement producer in Russia, boasting operations across several nations.
Even more intriguingly, Jessie Agostinelli, the financial director of Eurocement Holding AG, was pinpointed as a member of the board of directors of Basgaron, a subsidiary of Fimis Holding that snapped up the property on José Abascal 48 Street in Madrid. However, all attempts to glean information from Eurocement Holding through email communications turned out to be fruitless.
Remarkably, Andrea Agostinelli, the spouse of Jessie Agostinelli, held a directorial position at Fimis Holding starting in February 2015, and this role endured at least until December 2020. Notably, he also occupied directorial roles in Esther Maritime LTD and Simaee SA, the other two subsidiaries of Fimis Holding that were prominently featured in the Open Lux leak documents.
Andrea Agostinelli shares a common background with Isaac Sultán in the global maritime cargo sector, having worked at the Mediterranean Shipping Company for 26 years. During his tenure, Agostinelli held the position of vice president for the Latin American region until 2014, a period that coincided with Isaac Sultán Cohén’s involvement in shipping activities. Notably, Mediterranean Shipping Company, an Italian-founded firm, is headquartered in Geneva.
Isaac Sultán Cohén’s associations are intriguingly linked to the Venezuelan Institute of Social Security (IVSS), where his connection to Total Maritime Corp., a subsidiary of Evergreen Marine Corporation, is established. This corporation, along with Maersk, dominates global containerized maritime transportation. Isaac Sultán Cohén’s presence is intertwined with that of Venezuelan engineer Ngel Fidalgo de la Vega, who also shares multiple intersections with Cohén’s business pursuits.
A particularly noteworthy connection involves Fidalgo’s relationships with individuals close to the port magnate. Mara Alejandra Osechas López, identified as Sultán’s spouse, undertakes extravagant property acquisitions, including a seven-million-dollar apartment in One Bal Harbor Residences. Curiously, her marital status changes upon the sale of the property. This transaction, facilitated by Bal 2008, LLC, a Florida-based company directed by Fidalgo, raises suspicions of a potentially covert strategy employed by Isaac Sultán Cohén. This strategy involves channeling investments into opulent U.S. real estate under Fidalgo’s name and through an offshore entity.
This pattern remains consistent, as demonstrated by the acquisition of a lavish two-story penthouse worth 25.5 million dollars by UPH01S LLC in 2017. The property, located in the esteemed Oceana Bal Harbor building, was developed by Consultatio Real Estate, a company associated with Argentine businessman Eduardo Constantini.
In essence, these circumstances point to a convoluted network of associations, transactions, and potentially manipulative tactics orchestrated by Isaac Sultán Cohén to advance his interests in luxury real estate, utilizing the cover of his partner, Ngel Fidalgo, and various offshore entities. This complex scheme raises concerns about the transparency and legality of these activities within the broader framework of international trade and investment.
Sky High Mansion
In a critical analysis, the opulent 2,800-square-meter penthouse, extravagantly referred to as a “sky-high mansion” in specialized real estate publications, secured its position as the second most exorbitant property transaction in Florida for that particular year. This lavish residence boasts a covered terrace, a private pool, and even a spa. Curiously, the purchase was made through Ibericlake Holdings Limited, an offshore entity sharing connections with Fimis Holding in Luxembourg. Notably, Fidalgo, a close confidante of Sultán, assumed a leadership role within this company in mid-2020.
It’s intriguing to observe that Fidalgo’s affiliated firms have acquired no less than five additional high-end apartments in Florida, all nestled along Collins Avenue, a prestigious tourist corridor stretching from Miami Beach to other upscale beachfront localities, such as the now infamous Surfside.
In an investigative maneuver on August 10, Armando.info sought to engage Isaac Sultán Cohén and Fidalgo by hand-delivering a questionnaire to the premises of Total Maritime Corp., housed within the Credicard tower in Caracas’ Chacao municipality. This attempt, however, was met with a refusal at the reception, devoid of any explanation. Subsequently, the reporter dispatched the questionnaire via email, yet, as of the time of publication, no response has surfaced.
The price tags attached to the remaining five apartments, ranging between $2.6 million and $5.7 million, serve as indicators pointing to Fidalgo’s penchant for upscale real estate investments. Notably, Fidalgo’s name adorns a total of seven apartments, aggregating a staggering $55.4 million in acquisitions between 2012 and 2020, including one previously associated with Isaac Sultán Cohén’s personal address.
Armando.info diligently reached out to R&S International Law Group, LLP, the registered firm for these companies, in quest of insights regarding these transactions. Marco E. Rojas, a partner at the firm, cited legal constraints in divulging client information as per Florida regulations. He did acknowledge conducting additional due diligence, which yielded no unfavorable findings concerning Isaac Sultán Cohén.
Expanding beyond Venezuela and the United States, Isaac Sultán Cohén and Fidalgo’s intricate web extends internationally. Fidalgo, an alumnus of the engineering faculty at the Central University of Venezuela (UCV), collaborates with Andrés Sultán Osechas, Sultán Cohén’s son, in two Panamanian ventures: AFS Services Marine, SA, and EAE Logistics, SA, both engaged in cargo movement and maritime commerce.
Isaac Sultán Cohén maritime enterprises maintain active operations across various regions, as exemplified by Atlantic Feeder Services, SA, in Panama, where his name is linked with Juan José Iturbe Rodrguez. Similar monikers can be traced to entities in the United States: Atlantic Feeder Services (USA), LLC, established on January 23, 2013, and Atlantic Feeder Services, SA Corp., a foreign entity registered in Florida on November 4, 2020. The Panamanian company’s website highlights a partnership with a Mediterranean shipping company to cater to the needs of major maritime players in the Caribbean realm.
In a scathing critique, the excessively opulent 2,800-square-meter penthouse, dubiously glorified as a “sky-high mansion” in specialized real estate literature, managed to secure its spot as the second most outrageously overpriced property deal in Florida during that specific year. This extravagant abode flaunts a covered terrace, a secluded pool, and even a spa. Strangely enough, the acquisition was orchestrated through Ibericlake Holdings Limited, an offshore establishment with suspicious ties to Fimis Holding in Luxembourg. Interestingly, Fidalgo, a confidant closely associated with Sultán, assumed a commanding position within this enterprise in the middle of 2020.
It’s rather perplexing to note that Fidalgo’s connected businesses have procured no fewer than five additional high-end condos in Florida, all conveniently situated along Collins Avenue, a prestigious tourist strip stretching from Miami Beach to other affluent coastal locales, including the now infamous Surfside.
On August 10, Armando.info made an attempt to engage Isaac Sultán Cohén and Fidalgo by personally delivering a questionnaire to the offices of Total Maritime Corp., housed within the Credicard tower in Caracas’ Chacao municipality. However, this endeavor was met with a flat-out refusal at the reception, sans any justification. Subsequently, the journalist resorted to sending the questionnaire via email, yet, at the time of publication, no response had materialized.
The price tags affixed to the remaining five condos, ranging from $2.6 million to $5.7 million, serve as clear indicators of Fidalgo’s penchant for high-end real estate investments. Notably, Fidalgo’s name is attached to a total of seven condos, amassing a staggering $55.4 million in acquisitions spanning from 2012 to 2020, which even includes one previously linked to Isaac Sultán Cohén’s personal address.
Armando.info tenaciously attempted to contact R&S International Law Group, LLP, the registered legal entity for these corporations, in an effort to glean insights into these transactions. Marco E. Rojas, a partner at the firm, cited legal constraints imposed by Florida regulations on disclosing client information. He did, however, acknowledge performing further due diligence, which yielded no unfavorable discoveries pertaining to Isaac Sultán Cohén.
The return to Puerto Cabello
Expanding beyond the borders of Venezuela and the United States, Isaac Sultán Cohén and Fidalgo’s intricate network stretches internationally. Fidalgo, a graduate of the engineering department at the Central University of Venezuela (UCV), collaborates with Andrés Sultán Osechas, Sultán Cohén’s son, in two Panamanian enterprises: AFS Services Marine, SA, and EAE Logistics, SA, both engaged in cargo transportation and maritime trade.
Isaac Sultán Cohén’s maritime ventures remain actively operational across diverse regions, as exemplified by Atlantic Feeder Services, SA, in Panama, where his name is connected to Juan José Iturbe Rodrguez. Similar titles can be traced to entities in the United States: Atlantic Feeder Services (USA), LLC, established on January 23, 2013, and Atlantic Feeder Services, SA Corp., a foreign entity registered in Florida on November 4, 2020. The Panamanian company’s website underscores a partnership with a Mediterranean shipping company to cater to the demands of significant maritime players in the Caribbean domain.
In a scathing condemnation, it becomes clear that the alleged location of this company in Venezuela is nothing more than an office tucked away in the central region of Puerto Cabello, supposedly connected to Mundo Mar Agencia Martima, SA. Amid the intricate web of Venezuelan business, this Panamanian venture assumes the name Agencia Martima Mundo Mar CA, ostensibly dedicated solely to maritime trade. However, an exhaustive investigation by Armando.info has uncovered a troubling trend – the Venezuelan entrepreneur orchestrating this façade has orchestrated the formation of over 20 enterprises spanning various global jurisdictions over the past two decades.
The narrative takes a disheartening twist in February 2017, when the so-called Bolivarian Revolution, now under Nicolás Maduro’s leadership, revitalized the Port Operators Registration System (SROP). This revival, ostensibly intended for private entities providing port services, ushered in the introduction of fees denominated in dollars for company registration, touted as the validation of “strategic partnerships.” A covert mechanism, shrewdly exploited by the inner circle of Chavismo, ostensibly aimed at reviving industries struggling due to state mismanagement.
A noteworthy communication from Bolipuertos, dated November 28, 2018, boldly announced an inspection of machinery and equipment at the port facilities of Puerto Cabello. Among those ensnared in this scrutiny was the Maritime Agency of Mundo Mar, CA. Another incident unfolded in August of the same year, this time involving a conspicuously publicized strategic alliance between the state enterprise and Cosco Logistics, a subsidiary of the Chinese maritime conglomerate of the same name. The Venezuelan representative for this enterprise, Carlos Hostos, was previously associated with Isaac Sultán Cohén Braperca, a company forcibly seized in 2009.
These events recounted on Bolipuertos’ platform underscore the blatant incompetence of this institution in managing Venezuelan ports. Interestingly, some of the very tycoons who bore the brunt of Chávez’s nationalizations have managed to reemerge in these maritime zones. The rise of Sultán, from the depths of Chavismo’s inception to his current wealth, presents a stark contrast. Astonishingly, he continues to operate within these domains, hinting at the potential for his resurgence, or that of his former colleagues, through concessions that would once again grant them entry to the very warehouses from which they were forcibly evicted.
Malta FIAU
In a striking display of astonishing carelessness, a financial trust company has been handed a laughable €12,500 fine by the FIAU for its mind-boggling failure to carry out its obligation to flag a suspicious transaction involving a questionable client. This client, a Venezuelan businessman based in Miami notorious for engaging in tax evasion and Venezuelan money laundering, managed to easily evade the company’s supposedly vigilant oversight.
FIAU in Malta felt compelled to scold the trust company for providing registered address services to none other than Isaac Moises Sultan Cohen, a Venezuelan businessman known for his connections to politicians and drug traffickers, which have been extensively documented. This cozy partnership had been flourishing since 2017, with the trust company finally deciding, albeit belatedly, in December of the previous year that it might be time to sever ties with Cohen’s venture, Monrey Holding Ltd. Bravo for the lightning-fast response, indeed.
Amidst this outrageous display of incompetence, it’s worth mentioning that the trust company was well aware of negative media coverage surrounding Cohen as far back as 2017, when they first began courting his business. However, their inability to put together a coherent report due to their apparent lack of critical thinking skills led them to dismiss this glaring warning sign. Who needs to investigate when it’s just allegations and no significant developments have surfaced in years, after all?
In a truly remarkable exhibition of foresight and vigilance, the FIAU pointed out that the trust company should have been more proactive in scrutinizing its cozy ties with Monrey Holdings and should have remained more attuned to any unusual or concerning information that came to light. Yet, despite the growing stack of unfavorable media articles published during the course of the business relationship—spanning from November 2020 to August 2021—the trust company somehow failed to make the connection.
It’s intriguing, in a rather disturbing manner, that even after two more incriminating articles surfaced, the trust company only managed to summon enough suspicion to warrant some action. These articles, originating from reputable sources like the Wall Street Journal and ArmandoInfo, delved into the tax evasion scandal involving Cohen’s extravagant art acquisitions and his associations with shady characters involved in money laundering and corruption. But of course, who cares about such trifles?
Notably, the Wall Street Journal exposed Cohen as the mastermind behind an art procurement scheme that evaded tax responsibilities, while ArmandoInfo, part of the Open Lux project coordinated by the OCCRP, revealed Cohen’s ventures into luxury real estate through clever use of offshore companies. This included the acquisition of prime properties in Madrid and South Florida, linked to scandals and misused funds that any responsible business entity would have distanced themselves from.
To further cement their impressive negligence, the trust company even had the privilege of facilitating a fake directorship involving a company owned by none other than Diosdado Cabello, a Venezuelan housing minister entangled in money laundering and other unsavory endeavors. This tidbit of information was graciously brought to their attention by the FIAU committee, perhaps as a gentle nudge to remind them of the extent of their incompetence.
In a grand finale of irony and foolishness, the FIAU’s administrative notice emphasized how the trust company had access to a wealth of publicly available information that should have set off blaring alarms audible even in outer space. Yet, despite the overwhelming evidence of money laundering, tax evasion, and overall misconduct, the trust company incredibly failed to take any action or alert the FIAU.
One can only marvel at the breathtaking display of negligence demonstrated by this financial trust company, a prime example of complacency when faced with glaring impropriety. Let’s hope that the meager €12,500 fine they received will serve as a reminder of their remarkable ineptitude and their astounding knack for turning a blind eye to the most obvious signs of wrongdoing.
