The Pequiven Ad Hoc Board and the Monómeros board of directors presented the performance report to the National Assembly, where it was shown that the Monómeros company has recovered 99 percent in just one year.
The president of the Energy and Petroleum Commission, Zulia State deputy Elias Matta, introduced the presidents of the Ad Hoc boards of Pequiven, Diana Bracho; and Monómeros Colombo Venezolana, Carmen Elisa Hernández.
Diana Bracho, president of the Pequiven Ad Hoc Board, began the presentation. She pointed out that the first achievement was the total control and recovery of Monómeros Colombo-Venezolanos C.A. in April 2019, a company dedicated to the production and commercialization of fertilizers, calcium phosphate for animal feed and chemical products.
She specified that the shareholders of this company and their stakes are Petroquímica de Venezuela S.A. (86.21%); Comercializadora de Petroquímicos S.A. (3%); Sofilago S.A. (3%); International Petrochemical Holding Limited (3%); Fertilizadores y Servicios para el Agro S.A. (4,79 %). All of the aforementioned companies are controlling shareholders of Pequiven and representatives of these shares have been appointed by Pequiven’s Ad Hoc Board of Directors.
She said that the second achievement has been that the Ad Hoc Administrative Meeting of Pequiven authorized the reversal of the profit decreed in fiscal year 2018 at the Shareholders’ Meeting of Monómeros. Therefore, in December 2019, the board of directors decided to reverse the recognition of dividends declared in October 2018.
“The administration of the Maduro regime intended to pay shareholders the amount of $20 million that did not exist in the balance sheet. The only logical destination of this decision would be to continue defrauding the company’s coffers to oxygenate the regime and other private interests,” said Diana Bracho.
She indicated that the efforts they have made up to now is to achieve control and recovery of Pequiven’s assets abroad for the development and recovery of Venezuela. She also pointed out that another achievement has been the re-investment of profits decreed at the close of the 2019 fiscal year, assigned to the financial reserve of Monómeros Colombo-Venezolanos C.A.
Bracho explained that according to the results of the year ended December 2019, the company recorded losses of $25,792 million pesos. However, the company had balances of occasional distributable reserves, specifically reserve for investments in equipment, in the amount of $30,694,250,000 pesos, and also $6,983,156,000 pesos, of accumulated distributable results from previous years.
She indicated that the Ad-Hoc administrative board of Pequiven took the decision to wipe out the loss for the year ended December 31st, 2019 with the total accumulated distributable reserves presented by the company at that date and maintain a balance as a financial reserve to the amount of 11 billion 884 thousand 702 pesos.
“These decisions contributed to the company’s recovery of the balance sheet and the financial situation of Monómeros, which will now allow the continued growth of this Pequiven subsidiary and overcome the stagnation that existed due to the misappropriation and mismanagement of funds by Maduro’s government, demonstrating to Venezuela that there is a different way of managing assets and obtaining positive results as a result of effort and teamwork”.
Bracho also reported the criminal and administrative actions taken against Pedro Lugo, former general manager of Monómeros, who held the position of general manager of Monómeros between September 2013 and June 2019.
“During this period, he failed in his duties and obligations within his management towards the company with respect to the acts, contracts and legal business necessary for the full compliance of his own activities, exceeding his powers, and without the prior authorization of the executive committee or the board of directors, Mr. Lugo entered into contracts that also proved to be adverse to the interests of the company causing it serious damage”.
Furthermore, she indicated that the board of directors of Monómeros is submitting the case for the consideration of the Ad Hoc administrative board of Pequiven and it was agreed to initiate the corresponding administrative and criminal actions.
“The corresponding lawsuit has been filed with the Superintendence of Companies, Delegation of Mercantile Procedures in Bogota, Colombia, for the administrator’s responsibility, as well as the corresponding complaint with the Attorney General’s Office, unit of crimes against the economic patrimony and public trust o Barranqulla.”
Monómero will be a reference for economic reactivation
On the other hand, the president of the Board of Directors of Monómeros Carmen Elisa Hernández, expressed her satisfaction to present the results after a year and a half, to rescue this asset of the Venezuelans and put it at the service of democracy and the country.
She said that Monómeros Colombo Venezolanos S.A., a subsidiary of the petrochemical company Pequiven, has achieved a significant recovery in its results, achieving figures that exceeded the proposed goals.
“We have had a process of consecutive stages, with a take to understand how everything was and reveal what was happening there. Between October and December we started to apply some changes”.
She revealed that operating profits reached $10 million, compared to a loss of $8.9 million in the first six months of 2019. She stressed that the Monomers team has maintained the operation by adopting strong biosecurity measures that have allowed it to respond to the market without interruption. The capacity of the production plants increased from 54% recorded in the first half of 2019 to 71% in these first six months of 2020.
“Different commercial strategies focused on meeting customer needs were implemented. This takes into account the characteristics of each region and crop. The first half of this were recorded year sales in the excess of $137,140,000 (Col. pesos). This represents a 30% increase over the same period last year. The company achieved greater efficiency in managing its costs and expenses, optimizing available resources, taking care of the budget and prioritizing everything that adds value”.
She said that the board hopes that the company will enhance its value through new solutions for Colombian farmers, allowing them to strengthen their businesses and develop their activities in a more productive and competitive way.
“Today we are seeing a different context, we want to boost its value through new solutions to Colombian farmers, which will allow them to strengthen their businesses and develop their activities in a more productive and competitive way”.
Finally, she affirmed that Monomeros will be the industry that will contribute to the interests of food security in democratic Venezuela, a reference for the economic reactivation and agro-industrial development and commercial exchange, showing the country tangible results in favor of the well-being of Venezuelans as from the creation of a National Emergency Government.