Venezuela Orders Arrest of 11 Banesco Universal Executives
- Banesco board members wanted for ‘attacking financial system’
- Government to intervene bank for 90 days to clean it up
A mural depicting the image of late Venezuelan president Hugo Chavez is seen in Caracas.
Photographer: Wil Riera/BloombergThis article is for subscribers only.
Venezuela will intervene in the operations of the nation’s largest privately-held bank, Banesco Universal, for 90 days after the country’s chief prosecutor ordered the arrest of 11 high-ranking executives as the government struggles to bring hyperinflation under control.
Tareck William Saab accused Banesco board members, among them executive president Oscar Doval, of facilitating or hiding “attacks against the currency,” including speculating on the exchange rate and smuggling paper money out of the country.