09:18 GMT10 May 2021
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    Venezuelan President Nicolas Maduro has ordered the state-owned PDVSA oil company to take legal action against US-based investment bank JP Morgan Chase.

    The legal action is a response to JP Morgan's allegedly false reports on Venezuelan payment delays.

    According to bank reports, there had been delays in Venezuela's $404-million interest payments for bonds that mature in 2021, 2024 and 2035. The report suggested that Venezuela, having trouble paying on time, could default on its debt, which would damage the country's position on global stock markets.

    Later, the bank clarified its statements, saying that 2035 bonds enjoy a 30-day grace period, while acknowledging that the delay reports regarding the 2021 and 2024 bonds were incorrect.

    According to President Maduro, PDVSA president Eulogio Del Pino is tasked with initiating legal action over JP Morgan's "false information" that serves "against the national interests and seek[s] to harm PDVSA and the Venezuelan people who dedicate themselves to work."

    The president said that he expects JP Morgan to "acknowledge and publicly say that they were wrong, to offer apologies to the Venezuelan people."

    The exact details of the lawsuit were not disclosed.

    Payments to JP Morgan Chase were made via Citibank. According to President Maduro, Citibank appears to "deliberately delay" some Venezuelan payments.

    According to President Maduro, the Central Bank of Venezuela made an $80-million bond payment on Thursday but Citibank transferred the payment on Tuesday, an "unwarranted delay when they should make it effective immediately."

    "We have already detected that on several occasions Citibank deliberately delayed many of those payments," Maduro said.

    Related:

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    Tags:
    delay, payment, debt, lawsuit, PDVSA, JP Morgan Chase, Nicolas Maduro, US, Venezuela
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