Adding to concerns about the debt restructuring are questions about the role played by an investor, Mauricio Claver-Carone, in clinching Centerview’s hire, according to seven of the people. Claver-Carone was briefly a Latin America envoy in the first administration of US President Donald Trump and for about four months in the second, but has no current official role. Trusted, American firms wanted Claver-Carone told Reuters he had been helping the US government implement and execute Venezuela policy since July. He said he vouched for Centerview
when Rodriguez and other US or Venezuelan government officials asked his opinion about the firm, while not endorsing it. “How does an open process work in Venezuela? What else right now has an open bidding?” Claver-Carone said when asked about the lack of a formal competitive process, adding that the Venezuelan government had spoken with other firms. “We want American firms that can work with the US government, that have worked with the US government, that can be trusted.” A spokesperson for the firm said,
“Centerview was hired by Venezuela because our team is the world leader, with unique experience working on the largest sovereign debt restructurings and no conflicts of interest.” Claver-Carone was “not involved in our pitch for the business and we don’t have any financial or other relationship” with him, the spokesperson added. Read more’Information leakage to our adversaries’: When prediction markets spiral out of control Venezuelan officials did not respond to a request for comment. A US State Department spokesperson said Claver-Carone is an expert with
contacts in the region and “as a good US citizen, routinely consults and shares his perceptions with US officials.” This account of how Centerview clinched the assignment is based on interviews with sources in the government, diplomatic and financial spheres who are close to the situation and spoke with Reuters on condition of anonymity due to the sensitivity of the matter. The Washington Post earlier reported aspects of Claver-Carone’s role and Centerview’s hiring. Maduro capture opened opportunities The US capture of Maduro on January 3
set the stage for reopening the Latin American country, home to the world’s largest proven oil reserves, after years of crippling sanctions and deepening economic crisis. Washington’s licensing powers and dominance in global finance and energy markets give it broad leverage over the country’s economy, shaping investments and trade flows. Scores of investors and advisers have travelled to Caracas to scout for opportunities. The city’s five-star hotels are brimming with investors discussing deals ranging from real estate to furniture and rare earth minerals. While memorandums
of understanding are being signed, it is unclear how many become contracts amid uncertainty over the rule of law and high asset prices, four lawyers and financial advisers told Reuters. Read moreNearly 600,000 Venezuelans in limbo after losing temporary protected status Centerview executives met with officials in Caracas as early as February and returned several times through May, three of the sources said. Led by veteran banker Matthieu Pigasse, Centerview’s team includes Charles Albinet and Hamouda Chekir, bringing decades of experience in sovereign debt restructurings,
including advising nations from Argentina to Congo Republic to Greece, the largest-ever sovereign debt restructuring. Often dubbed “left-leaning” in the press, Pigasse, 58, is a high-profile French banker whose clients have included blue-chip companies L’Oreal and Kering. A self-described punk music fan, Pigasse in France owns media holding Combat and retains a stake in newspaper Le Monde. In recent weeks, Pigasse has appeared in several media outlets, positioning himself against what he describes as the growing influence of a right-leaning media network in France. Asked
to comment on how Centerview was chosen, Pigasse told Reuters: “I have known Delcy Rodriguez and worked with her for the past 15 years.” Some rivals not formally approached Pigasse got his start at leading firm Lazard, where he, Chekir and Albinet advised governments. Yet major debt advisory players – including firms such as Lazard, Rothschild and Alvarez & Marsal – were not approached formally to compete for the Venezuela mandate, according to four sources. Hiring an adviser without a formal selection process is unusual,
according to three of the people.
Venezuela debt restructuring, Centerview, Matthieu Pigasse, Mauricio Claver-Carone, Delcy Rodriguez, sovereign debt, U.S. sanctions, Caracas