Derwick Associates has a very good day

Yesterday was a good day for the guys in charge of Derwick Associates. Last week, a group of three companies, two in Panama and one in Barbados, disclosed they had bought a bit more than 10% of Pacific Rubiales Corp. The Panama companies were well anonymized, but the Barbados one less so. Alek Boyd said on Twitter […]

Derwick Associates takes the show to Mexico

In Venezuela, they insisted they were a construction company. Now, they just “intervene” in infrastructure projects, whatever that means. (My slightly edited Google translation below). Published on Feb 4, 2015 Ciudad Obregón, Sonora 03 February 2015 Solar farm installation ensures electricity savings in the municipality With the installation of the first “Cajeme 10M Solar” panel farm […]

Sometimes a cigar is just a cigar ($, Derwick Associates)

This week I noticed this curious securities filing from US Oil Sands Inc from 2012. It includes the following tidbit: There’s nothing unusual about these two investment companies buying shares of an oil company. Ice Rose Holdings is controlled by Serafino Iacono, co-chairman of Pacific Rubiales Energy Corp., ID Introduction Ltd. is controlled by Jose Francisco […]

The problem with collaborators (Galt’s Gulch Chile, Argentine dictators, and Derwick Associates, oh my)

I’ve been thinking about collaborators: people who go along with situations where they aren’t comfortable. Resisting or opposing would be hard, or cause legal inconveniences, or burn bridges, or ruin the chance of making big bucks. Some are just afraid. Collaborating with misbehavior, from a petty lie up to a major human rights violation, is normal and human. I probably go along […]

Derwick Associates wins a round against Otto Reich

In case you’re a wonk, here is the partial summary judgment decision on the motion to dismiss: Long story short: Defendants’ [that is, the Derwick Associates guys] motion to dismiss is GRANTED in part and DENIED in part. Claims I and II (RICO) and VII (civil conspiracy) are dismissed. Defendant D’Agostino’s motion for leave to file […]

WSJ says Proenergy, Derwick Associates face corruption investigation

The Wall Street Journal says US authorities are pursuing a preliminary investigation of Derwick Associates and Proenergy Services for possible banking and overseas corruption violations. No charges have been brought and Derwick denies everything. Derwick is an exceptionally lucky electricity industry middleman in Venezuela and Proenergy Services is the ultimate recipient of its contracts. Derwick […]

Chavista Freddy Bernal calls for investigation of Derwick Associates

Original, with full context, here. Short version: TV host Vladimir Villegas is pressing Venezuelan pro-government deputy Freddy Bernal for specific examples of companies or people who may have stolen from the country. Text: Freddy Bernal: En esta concierto para delinquir, hay empresas por ejemplo una empresa denominada Derwick. No sé quien será el dueño. Derwick. […]

Derwick says Reich’s racketeering case is garbage (UPDATED)

Derwick Associates, which was sued by former ambassador Otto Reich for alleged defamation and racketeering, finally comes to its own defense. As I said at the start, the case doesn’t look like a slam dunk. And Derwick is mounting a vigorous defense. Here’s a letter the Venezuelan electricity contractor’s principals, Pedro Trebbau and Leopoldo Betancourt, filed last […]

Forbes gets it wrong, admits it, still needs pushback (Derwick, GE)

Hi friends! How would you like to not learn things? If that’s up your alley, go read this Forbes article (oops, they retracted it! but preserved for posterity at the Chicago Tribune) about Derwick Associates, your friendly neighbourhood electric industry middleman, offering Win-Win Solutions for big industry suppliers and corrupt state enterprises alike! Stock analyst Hilary Kramer […]

Reich vs the Derwick guys: A huge wait-and-see

Three alleged leaders of Derwick Associates, a company that won several procurement and construction contracts from Venezuela’s state oil company in 2009-2010 are being sued in US district court in New York by former ambassador Otto Reich. Reich alleges that the Derwick paid kickbacks to powerful Venezuelans including Oil Ministers Rafael Ramírez, and also spread lies to interfere with […]