Caracas Gringo

'When the tree falls, the monkeys scatter'

Who is Ricardo Fernandez Barrueco?

with 11 comments

Since Telefonica’s Venezuela subsidiary Movistar is buying a shipping company today (7 August 2009) for a still-undisclosed price through an insolvent Banco Confederado, it’s only fair that Telefonica shareholders should know a bit more about Banco Confederado’s majority owner, Ricardo Fernandez Barrueco. (We also expect to post an analysis of Banco Confederado’s end-2008 financials in the next 24 hours).

A caveat: the following information is taken from an externally audited financial statement through 31 December 2005 that was done by Alcaraz Cabrera Vasquez, the Venezuelan affiliate of the accounting firm KPMG. It does not reflect any of Fernandez Barrueco’s financial holdings including Banpro, Banco Confederado and other banks which, together, account for over five percent of the Venezuelan banking system’s total deposits as of 30 June 2009.

Ricardo Fernandez Barrueco, 44 years old, born 9 April 1965, bearer of Venezuelan identity card (Cedula de Identidad) No. 9,095,496, claims to reside permanently at Residencias Altonueve, Penthouse, Avenida Miguel Otero Silva, Urbanizacion Sebucan, Caracas. Telephone numbers listed on the audited statement are 58414-557-7171 and 58212-951-0122. The 414 exchange is a Movistar cellular telephone number.

Fernandez Barrueco claimed a net worth of over $1.6 billion as of 31 December 2005, including $32.4 million in cash, $411.2 million in “marketable securities”, over $1.14 billion in common stock, $2 million cash value on a life insurance policy, and personal homes worth $16.2 million. His only liabilities were $18,977 of income taxes presumably owed to the Venezuelan government.

And this externally audited net wealth was before Fernandez Barrueco purchased any banks in Venezuela.

As of 31 December 2005, Fernandez Barrueco claims he is (was?) the owner of 41 companies mainly in services, agriculture, agribusiness, fishing, forest products and shipping, as follows:

Services: Almacenes y Transportes Cerealeros ATC CA; ATC Administradora de Transportes de Carga CA; Distribuidora Procasa CA; Distribuidora Procampo CA; and America Food Grain Inc.

Agriculture: Agropecuaria Puerto Miranda CA; Ganaderia El Gran Cebu CA; Productores de Sementales y Semen, Prossemen CA; Ganaderia Portuguesa CA; Fundo Agropecuario Rancho Grande CA; and Agropecuaria El Tesoro CA.

Agroindustry: Industria Venezolana Maizera Proarepa CA; Industria Venezolana Maicera Pronutricos CA; Venarroz RSA CA; Monaca Molinos Nacionales CA; Derivados de Maiz Seleccionado Demaseca CA; Productos y Financiamientos Agricolas Profinca CA; Consorcio Agropecuario Venezolano Coave CA; Algodonera Rios del Sur CA; Corporacion Agropecuaria Integrada CAICA CA; and GRASOCA Grasas de Oriente CA.

Forest/Wood Products: Forestal Trillium Venezuela LLC; Industrias Kondor CA; Consorcio Ecoforestal Venezolano CA; Ecoflorestal Roraima LTDA (Brazil); TUKAN CA; and Forestal Guyana Inc.

Commercial Fishing: FEXTUN Fabrica de Exquisiteces de Atun SA; Frigosa-Frigorificos de Oriente SA; Agricola Palmarichal CA; Agricola La Providencia CA; Aeroatun Venezuela CA; Aeroatun Panama SA; Aeroatun USA Corp; and Mayapesca SA (Guatemala).

Maritime-Naval: Naviera Surantillana CA; Remorca-Remolcadoras de Oriente CA; Naviera Comercial Internacional SA; Naviera Industrial Internacional SA; Naviera Interamericana del Norte SA; and Astillero Braswill Internacional SA.

Veteran law enforcement readers of this post no doubt have noticed that all of these businesses are cash flow-intensive, and some are based in countries (Panama, Guatemala) which are key trans-shipment hubs for certain types of illicit goods. But it’s probably just a coincidence.

However, several factoids not included in his audited financial statement as of end-2005:

*Fernandez Barrueco is known to be a longtime close business associate and frontman (testaferro) for Venezuelan Public Works and Housing Minister Diosdado Cabello.

*Panamanian law enforcement authorities say Fernandez Barrueco is directly implicated in the abduction in Panama and forced return to Venezuela of Venezuelan citizen Gustavo Arraiz, who is currently jailed in DISIP headquarters in Caracas together with former Banco Bolivar owner Eligio Cedeno.

*Panamanian police sources also believe Fernandez Barrueco is directly implicated in the attempted assassination of the wife of a Panamanian attorney who had a falling out with Fernandez Barrueco.

*Venezuelan CICPC sources familiar with the case believe that Fernandez Barrueco is implicated in the 2005 abduction of Jorge Azpurua, whose father was majority owner of Banpro, which Fernandez Barrueco purchased the same year young Jorge was kidnapped.

*CICPC and DISIP sources tell Caracas Gringo that Fernandez Barrueco is also suspected of being one of the intellectual authors of the February 2009 abduction of Venezuelan banker German Garcia Velutini. These police sources also claim GGV’s kidnapping is part of a strategy aimed at forcing the current shareholders of Banco Venezolano de Credito to sell the bank to Fernandez Barrueco and other Bolibourgeoisie “investors” – all of whom are associated with Diosdado Cabello.

Written by Caracas Gringo

07/08/2009 at 09:07

Posted in Uncategorized

11 Responses

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  1. Great job!

    Like

    Julio Omana

    07/08/2009 at 15:46

  2. Gringo, it is always great fun to read you. You seem to be able to flay these guys down to their soul. However, I hardly see the connection between your post and possibly related ones: “Celine Dion ‘Devastated’ by Michael Jackson’s death”. Well, they are automatically generated. Definitely not up to snuff.

    Like

    Charly

    07/08/2009 at 19:01

  3. [...] are with the process, you are not only untouchable, but you have protection from the top. Witness these charges in Caracas Gringo, that Daniel has commented on. In what other country can a man go from 0 to  1.6 [...]

    Like

  4. This is the most complete article on the activities of Ricardo Fernandez Barrueco ever published.It is an outstanding piece of investigative journalism. I take my hat off to you, sir.

    Like

    Kenneth Rijock

    10/08/2009 at 12:54

  5. Muy buen trabajo, felicitaciones. Espero que trabajos como este y el de Patricia Poleo ayuden a poner tras las rejas a estos ladrones de cuello blanco. Unidos venceremos!!! Patria, Democracia y Vida, Ganaremos!!

    Like

    clau

    12/08/2009 at 07:42

  6. first time, and hope is not going to be the last, very good and accurate comments, congratulations, and still being in the same way, CONGRATULATIONS AGAIN.

    Like

    LUIS BRITO

    24/08/2009 at 13:52

  7. [...] Barrueco’s rise was as sudden as his apparent demise. According to Caracas Gringo, he has seen documents before the purchase of the these banks which gave him an audited value of [...]

    Like

  8. [...] [http://caracasgringo.wordpress.com/2009/08/07/who-is-ricardo-fernandez-barrueco/] [...]

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  9. Ricardo Fernandez como es bien conocido, debe a Banca Agricola de BANESCO 2.000.000.000,00 Bs. F. (Dos mil millones de Bolivares Fuertes actuales). La suma en créditos fue autorizada y restructurada por el Directorio de Banesco Sr. Juan Carlos Escotet (Presidente), Sr Lujan, Sra. Josefina Fernandez (Director de Bancas), y la Sra. Carmen Lorenzo (Gerente de Ventas). Estas “maliciosas” personas son PANAS DE FERNANDEZ BARRUECO. Los 2.000 camiones de la flota de transporte de ATC (Propiedad de Fernandez Barrueco) están aseguradas con BANESCO SEGUROS. Creo que Banesco y Banesco Panamá deben ser investidados.
    Gringo, produndiza en este tema. La banca venezolana tiene mucho que ver con el “Iceberg” de Fernandez Barrueco. En todo caso, Diosdado Cabello será removido en las próximas horas de su cargo. Igualmente, las empresas de Fernandez Barrueco pasaran al Estado (Nacionalizadas Estrategicamente). Esto será comentado por Chavez en el Alo Presidente del 29/11 /2009. (Buena fuente, conversado ya en Palacio de Miraflores). El sistema está rerido, Ahora viene la venganza.

    Like

    prowl

    28/11/2009 at 16:09

  10. estimado Sr.

    Las empresas:
    Forestal Trillium Venezuela LLC; Industrias Kondor CA; Consorcio Ecoforestal Venezolano CA; Ecoflorestal Roraima LTDA (Brazil); TUKAN CA; and Forestal Guyana Inc.

    no son propiedad de Ricardo Fernandez, Consorcio Ecoforestal Venezolano CA, fue creado en sociedad con Ricardo en la cual yo aporte a empresa kondor, en fin era completar un proyecto de tableros, como tal proyecto no se materializo. en Mayo del 2007 esta empresa fue nuevamente vendida a mi persona.

    estos articulos que siguen saliendo viculando a ricardo con mi empresas, esta causando problemas economicos y de credibilidad grave.

    agradesco mucho tu colaboracion para aclarar esta situacion y a ver en que me puede ayudar.

    nuestra empresas fue fundadas desde 1989 y 1995, el trabajo de toda una vida se encuentra en reisgo.

    si necesitas prueba de lo conversado favor avisar.

    saludos

    Manuel Khair

    Like

    manuel Khair

    04/12/2009 at 07:07

  11. […] and impersonating other people in order to remove from the web information that compromises them and their activities. I know they are reading, so take this as public notice: this does not end […]

    Like


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