Ricardo Fernandez Barrueco: Ricardo Fernandez Barrueco

Ricardo Fernandez Barrueco (born on April 09, 1965 in Caracas) is aVenezuelan, son of European immigrants who, fleeing the horrors of the SecondWorld War and the Spanish Civil War, settled down in Venezuela, Mexico andArgentina.

Early business

In the early '90s, was a medium businessman of the agribusiness sector dedicated to the production of sugar cane, corn and rice. Fernandez continuedprocessing companies acquired in the government of Rafael Caldera(*) as theProarepa Group(*), belonging to the Agricultural Marketing Corporation. At thattime he participated in the privatization process sponsored by the Investment Fund of Venezuela for the acquisition of two sugar mills.

Education

Ricardo Fernandez Barrueco studied economics at the UCAB(*) andhighlighted as a businessman at a young age.

Business life

In 1998 the businessman had major investments not only in Venezuela but in the U.S., Panama and Ecuador. It becomes the largest producer of corn, rice and tuna from Venezuela, and the second in production of meat, owner of the largest logistics company in the country and second in Latin America, owner of a shipowner and owner of oil tankers and asphalt private, with a very modern fleet, plus a fleet of five larger and more important in the world. It is also a partner in multinational companies.

Later, Ricardo Fernandez Barrueco, following an invitation made the Venezuelan Government, invested in the financial area, to try to recover liquidity problems faced by the institutions Banpro, Bolivar and Confederate.

The businessman wanted to enter the cell phone business and telecommunications, buying the company Digitel(*), which has more than 6million customers and compete with major carriers operating in the country asTelefónica and Movilnet (property of the government). In this new area is wherethe businessman would dedicated investment efforts, under which Banks would be a transition to clean up the institutions and then sell them as had been agreedwith the government. The purchase of Digitel(*) GSM, for a total $830 million tobusinessman Oswaldo Cisneros, was paralyzed by the intervention made by Banks and Companies.

After investing their own resources and not to allow him to take management control of financial institutions, Banks were intervened by the government duringthe Venezuelan banking crisis of 2009-2010(*), Ricardo Fernandez Barruecodecides to voluntarily appear in court due to this situation in November 2009,when is arrested and detained. It was not until July 2010 that he was falsely accused of fraud and charges of violations of the banking system. Since thenremains in the custody of DIM - Directorate of Military Intelligence, without ajudgment has occurred.

The businessman's defense, led by Gaston Saldivia lawyer, ratified the accusation of the defense against the superintendent of Banks, Edgar HernandezBehrens, making him responsible of the fall of the four involved bank entities. Thefundamental argument of the defense is that Ricardo Fernandez Barrueco was never allowed to exercise control over the institutions that had bought through theCaracas Stock Exchange. The businessman had sought the presidency in the first three acquired entities (Bolivar, Banpro and Confederate), but the request was denied by the Superintendency of Banks - Sudeban.

James K. Glassman(*) – Senator

Senator James K. Glassman(*) on the site Forbes.com(*) likens the case ofRicardo Fernandez Barrueco with that of Mikhail Khodorkovsky, former CEO ofenergy giant Yukos(*) and a staunch critic of Russian President Vladimir Putin.The senator affirms that Chavez had responded to the symptoms of lost ofpopularity, closing media, restricting economic freedom, accusing his critics andsending to jail his political opponents and big businessmen. Among them, jailedOswaldo Alvarez Paz, a former Venezuelan opposition governor of Zulia State. In May, Retired General Raul Isaias Baduel (former Minister of Defense of Chávezand now its hard critic); issued an arrest warrant for Guillermo Zuloaga, the biggest shareholder in Globovisión(*), a company called "the last great television network, survivor in the country that sympathize with the opposition”. The patternis clear. As in the case of General Baduel, the charges against Zuloaga were economic and political. At the same time it issued the arrest warrant of Zuloaga, the government also took control of the Federal Bank, claiming the bank was notcompleting the liquidity requirements. Nelson Mezerhane, president of the bank, is itself one of the largest shareholders of Globovision(*), and the Wall StreetJournal(*) reported that the connection with Zuloaga was "the main reason why the bank was intervened". Mezerhane also left the country.

Unlike Zuloaga and Mezerhane, the prominent industrialist, banker and ownerof a food chain, Ricardo Fernandez Barrueco, is languishing in jail. All assets,tuna fishing boats, fletes of trucks, and shares in companies such as NationalMills, among others, have been confiscated by the government and have beenplaced under the control of the Socialist Production Units (UPS). At the present, all these confiscated companies are collapsed by the faulty operation. Have beenlooted, cannibalized their equipment, which creates anxiety among employees and associated producers. The estates have been stolen, at the level that the amount of the damages is ignored. Ricardo Fernandez Barrueco had thesecond livestock genetics and production in the country. The fertile lands areunproductive today. Fourteen years of work are dramatically lost.

Proarepa Group(*)

Proarepa Group(*), owned by businessman, was officially one of the largestproviders of Mercal, which is subsidized Venezuelan chain of supermarketsowned by the state, during the oil strike in Venezuela (2002). The businessmanquickly rose to fame when he offered his assistance to the Chavez governmentby providing them with their fleet of vehicles for oficial use. It has also beendemonized by the opposition side for their committed participation in the recoveryof the country food. Ricardo Fernandez Barrueco has made clear that hiswealth comes from work and entrepreneurship, has not received credit, Money orgovernment subsidies or public finance system. Their companies have been audited by U.S. agencies and have demonstrated that their growth and sustained funding comes from working in the agricultural and industrial development.

Rosario Marin(*) – Treasurer of US.

Former Treasurer of United States Rosario Marin(*) to express concern aboutwhat happens says(*) Ricardo Fernandez Barrueco is just one more of thevictims of the policies of the government seizure of private businesses and thearrest of political prisoners, found in Venezuela. Initially the program was sellinggovernment food distribution and logistics business grew to include stores andtrucks around the country. However, as has happened with many othersuccessful businesses that provided jobs and a public service, Chávez has interfered. In November 2009, seizures of assets of Mr. Barrueco and logistics business was nationalized and placed under the unity government UnitedSocialist Production. A Ricardo, says former treasurer, he was sent to prison toavoid complaining and remains there today. And he wonders why behind bars justsome of the most productive citizens of Venezuela?, Is it because they aresupporters of the idea of personal improvement rather tan governmentdependency?, Is it because they depend on government largesse?. So, do they represent a threat to the status quo?

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Ricardo Fernandez Barrueco

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viernes, 1 de julio de 2011

Ricardo Fernandez Barrueco

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