CARACAS, Thursday February 14, 2013 | Update

Venezuela denies irregularities in check seized from Iranian

Regarding the current status of the check seized by the German authorities, Venezuela's public banking minister stressed that it has not been cashed. However, "they (Iranian construction company Kayson) hold a check book and manage their funds based on their own needs and their operation costs. It is a fully transparent operation"

Thursday February 14, 2013  01:35 PM
Venezuela's Public Banking Minister and President of state-run bank Banco de Venezuela Rodolfo Marco Torres said that the financial operation conducted in connection with the multimillionaire Venezuelan check seized by German authorities from an Iranian citizen was fully transparent.

He also rejected allegations that the transaction that involves state-run bank Banco de Venezuela was carried out so that Iran could avoid international sanctions for its nuclear program.

Torres told AP that neither the Venezuelan Government nor Banco de Venezuela had anything to do with the check issued for the value of VEB 300 million (equivalent to USD 47.6 million) and seized on January from an Iranian citizen who works for Iranian construction company Kayson, AP reported.

The minister explained that although the check is from a Venezuelan state-bank, Kayson, which holds a check book of Banco de Venezuela, signed it. The company is responsible for the use of its check book as provided by law.

Regarding the status of the seized check, Torres stressed that "to date, the check has not been cashed, yet they (Kayson), holders of a check book, will manage their funds based on their own needs and their operation costs. It is a fully transparent operation."

Translation by Jhean Cabrera
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