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Venezuelan President accuses largest private bank of siphoning monies abroad

May 05, 7:11 UTC+3 MOSCOW

Maduro promised that "all the economic mafia will end up in jail" if he won the presidential election on May 20

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MOSCOW, May 5. /TASS/. President Nicolas Maduro of Venezuela has explained for the authorities’ interference in the operations of the country’s largest private bank Banesco.

Union Radio said Maduro said the bank was siphoning monies finances out of the country.

"We had to interfere in Banesco’s operations […], to place it under provisional outside administration for 90 days and to launch an investigation because the bank had been siphoning off money," he said.

Maduro promised that "all the economic mafia will end up in jail" if he won the presidential election on May 20.

On Thursday, the Office of Venezuela’s Attorney General asked the court to issue the warrants for arresting eleven top executives at Banesco. Juan Carlos Escotet described it as "an exceptionally political decision."

Venezuela is going through an acute social and economic crisis that goes hand-in-glove with hyperinflation, the devaluation of the national currency, and the shortages of prime necessities and medicines.

The National Assembly that opposes Maduro said inflation exceeded 2,600% in the country in 2017. Some forecasts say it may reach 14,000% this year.

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