CARACAS – Venezuelan President Nicolas Maduro on Tuesday ordered state oil company PDVSA to look into legal action against JPMorgan Chase & Co after the U.S. investment bank reported delays in $404 million in bond interest payments.
PDVSA said on Monday it was using a 30-day grace period for coupon payments on its 2035 bond but that reports of other payment delays were wrong. It suggested paying agent Citibank was creating a backlog that had spooked markets.
“JPMorgan’s attitude is of a criminal nature,” Maduro said during a salsa music program he broadcasts from the presidential palace. He said local and foreign opponents were conspiring to give a false impression that Venezuela is on the verge of a debt default.