Joselit Ramirez, the head of the Venezuelan Cryptocurrency authority Sunacrip, was taken into custody on March 18 according to local media reports. Ramirez, the institution’s founder, was arrested on suspicion of involvement in corrupt activities, including the embezzlement and misuse of $3 billion from unregistered oil sales.
Sunacrip Boss Joselit Ramirez Taken Into Custody
Joselit Ramirez, the head of the Venezuelan Cryptocurrency authority Sunacrip, was arrested on March 18 for alleged corruption charges according to reports from the local paper Ultimas Noticias. The arrest of Ramirez was part of a special national operation against corruption. This included the capture and detention of other high-profile persons, such as Cristobal Cornielles, the President of the judicial circuit Caracas, and Pedro Hernandez, the mayor of a city.
Although the details of the investigation are not yet available, local media suggests that the arrest may be related to the misappropriation of $3 billion from Venezuelan oil sales that have not been declared to the state. The US government has previously identified oil purchased with crypto since imposing sanctions on the Venezuelan state oil company, PDVSA, in January 2019. In October two oil brokers were charged with brokering illegal oil contracts for PDVSA. They had used cryptocurrencies and shell corporations to avoid detection.
Ramirez is the founder of Sunacrip, being appointed to the position in 2018; he is also a member of the board of officials. The US Department of Justice has also charged him with narcoterrorism or corruption charges on March 26, 2020. Venezuelan President Nicolas Maduro was also charged at the same time.
Restructuring Commission Appointed
As a result of the arrest, President Maduro signed an executive directive to arrange the restructuring of Sunacrip. This included the removal and replacement of Ramirez, and will take effect from March 17, lasting for six months. It will be carried out by a restructuring committee, which will review the current state of the institution and propose changes to the rules and procedure to “contribute with the goals and objectives” of the country.
In connection with the executive order, Maduro made the following statement: “protect the Venezuelan people from the negative effects of the multiform aggression that is taking place against the country.” The restructuring commission will be headed by Anabel Pereira Fernández and three main directors: Hector Obregon, Luis Perez, and Julio Mora. Three additional substitute directors were also appointed.
What do you think of the arrest of Sunacrip’s former head Joselit Ramirez and the upcoming restructuring of the institution? Let us know your thoughts in the comment section below.
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