Guaidó: the first five measures to rescue Monomeros

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The president in charge of Venezuela, Juan Guaidó after swearing in on January 23 and after his recognition, the National Assembly (AN) took control of Monomeros Colombo Venezolanos SA to counteract the “great damages” to the financial and operational situation of the company caused by the regime of Nicolás Maduro.

Monomeros Colombo Venezolanos SA, is a company owned by Pequiven, specialized in petrochemical products based in the city of Barranquilla, in Colombia and that during 2018 suffered losses in the order of 20 million dollars, while its productivity fell by 40% and was isolated from the financial markets.

Since the capture by Parliament, this company has shown signs of recovery and new commercial projects have been initiated for profitability and production, the Presidencia Ve web portal published in a note.

The first 5 rescue and protection measures:
1.- The AN appointed a new board of directors and general management of Monomeros Colombo Venezolanos S.A formed solely by professionals and experts from the area.

2.- Duplication of charges was prohibited, with a view to strengthening transparency and avoiding conflicts of interest between the control and operability function. Additionally, it was ordered to strengthen the corporate governance of Monomeros Colombo Venezolanos S.A, to achieve better credit conditions, promote good practices and ensure transparency.

3.-Jorge Yánez was appointed in the general management, petrochemical marketing expert, who led the marketing committee of the board of directors in the administration of the former general manager, Jhon Bilbao.

4.- Guaidó ordered an independent audit with an internationally recognized firm to identify irregularities of the previous steps and ensure the correct and transparent operation of the company.

5.- It was ordered to cut the exorbitant salaries of the Board of Directors and the General Management. Additionally, luxury expenses were eliminated.

Guaidó said that, thanks to these measures, Monomeros has increased its production, strengthening ties with the company’s workers, farmers in the field, banks and the Colombian government, in order to safeguard Venezuelan heritage and contribute to the recovery of agriculture in the country once the usurpation ceases.

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