VENEZUELA: Hugo Cans Half Of State's Oil Directors...After $453 Mn Pension Ponzi Scheme Loss.

M.PRESS/

     President Hugo Chavez personally fired half of state oil's PDVSA board of directors after its pension fund lost about $453 mn usd in a Ponzi scheme linked to a Connecticut-based investor.
     USA officials report that Venezuelan-American Francisco Illaramendi used investors’ money to cover losses.
      PDVSA says it will cover all pension fund losses.