14.7.11

Venezuela's Congress to investigate Williams F1 and PDVSA contract

UPDATE 16 NOV 2011Venezuela: Congressman Carlos Ramos questions Williams F1

At last, some good news coming out of Venezuela. Local news source Noticias24 reports today that Congress' audit commission is demanding a copy of the sponsorship contract between Frank Williams F1 team and PDVSA. I am very glad to hear this, as it comes in the back of a previous exchange I had with Claire Williams, Head of Communications & Investor Relations for the Williams team, about a copy of the contract, allegedly worth between £110 millions and £154 millions, signed between PDVSA and Williams.

Upon receiving a point blank refusal to discuss the issue from Ms Williams, I sent communication to Ramon Jose Medina, international relations coordinator of Venezuela's opposition unity umbrella group MUD, who replied saying that he would pass my request for an investigation to relevant members of Congress. It is worth bearing in mind that, according to Venezuelan legislation, expenditure of public funds has to be approved by Congress. As far as we know, the contract between PDVSA and Williams F1 was never approved, and it is therefore illegal.

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