Global Investigations Review (“GIR”) spoke with Nardello & Co.’s Alberto Orozco, Ligia Bezerra, and Gerardo Lazaro about the sanctions and legal risks causing friction in President Trump’s bid to get US business into Venezuela.
In a recently published article, Alberto, Ligia, and Gerardo explain that finding accurate information about potential legal violations in Venezuela is difficult due to strict government control of media outlets, threats to opposition movements, and limited public records. When discussing their approach, the team say that they often rely on social media, blog posts, and source networks outside the country rather than verified accounts from journalists or the government.
According to Alberto: “Limited on-the-ground information has been one reason that US oil companies have so far been reluctant to make longer-term investments in the country.” He goes on to say: “The reaction of many of these companies is not what the administration was expecting. Part of it was the lack of transparency in how things are done in parts of Venezuela.”
In order to provide certainty about operating in the country, companies need clear information about Venezuelan government regulations. Alberto concludes: “Right now, if you have plans to expand industries, there has to be a regulatory environment so companies can be clear they’re not violating regulations. But that doesn’t exist at this point.”
The full article may be found, here.
