About VECA

The accusations that have surfaced in relation to the position I assumed as Sole Administrator of VECA are unfounded. They are misinterpretations of my level of involvement in the airline’s activities during its operation.

• My participation in VECA as Sole Administrator began and was formalized in July 2016, when I presented a letter of intent (LOI) to acquire 100% of VECA’s shares.

• My potential acquisition of VECA is the only reason I assumed the position of Sole Administrator. As explained in the LOI, the objective was for the buyer, in this case myself, to have transparent access to information about the company. This included clear knowledge of VECA’s legal and commercial financial situation.

• My participation in VECA only lasted 33 days (from July 27, 2016, to Aug. 29, 2016), as corroborated by records from El Salvador’s Registry of Commerce.

• During this time, I refrained from making any financial decisions, as my main role was to complete a Legal and Corporate Due Diligence process. This document would serve as a guide in the decision-making process behind whether or not to acquire the company.

• My legal advisors were in charge of generating the Legal and Corporate Due Diligence. They recommended I not continue as part of VECA’s legal administration and not proceed with the acquisition because the company presented a high-risk financial deficit. The report details that VECA’s management and finances were in the hands of Alba Petróleos de El Salvador (Albapes). Therefore, my advisors did not recommend I acquire the airline, as I would not be able to make completely independent decisions completely without influence from its main creditor.

• During the VECA acquisition process, I did not benefit in any way from contracts with PDVSA or Albapes.

• I was never involved in VECA’s funding processes. The airline’s financing had been defined long before I held the position of Sole Administrator of VECA.

• I was only in the position of Sole Administrator for 33 days (from July 27, 2016, to Aug. 29, 2016), as corroborated by the records at El Salvador’s Registry of Commerce. I took this role solely to compile the necessary documentation that would help to complete the Due Diligence. During this time, I did not make any financial decisions for the company.

• During the acquisition process, as part of the obligations required by the anti-money laundering law, VECA’s majority shareholder was asked to submit information on the origins and source of the funds provided as capital for VECA. By August 2016, when the Due Diligence process was completed, the documentation on the origin of these funds had not yet been provided.

• Based on the analysis done by my legal advisors, I decided not to proceed with the transaction until I obtained confirmation and guarantee of the operation’s financing and the origin of these funds.

• My interest in acquiring VECA was purely commercial and business-related. I have always had a passion for aviation, and I believed VECA had the potential to become a truly successful company by expanding its services to more profitable markets that offered greater economic growth opportunities. I saw a business opportunity in an airline that, despite not being in the best financial situation, had two important assets that would allow me to create value in the future: An Air Operator’s Certificate (AOC) to operate in any airport in the world, and managers that had been certified by the Civil Aviation Authority (CAA) for operation in El Salvador.

• When I began the acquisition process, I already had general knowledge of the airline’s debts, so in the letter of intent (LOI) that VECA would be responsible for providing the buyer (me) with the necessary funds to meet its debts and obligations, as well as free the buyer from legal commitments regarding its lack of financial stability. However, the acquisition of the airline did not occur, so I never received any payment from VECA.

• After the Due Diligence process was carried out, I decided not to proceed with the acquisition of VECA and resigned from the position of Sole Administrator.

• It is false to say I was involved in the airline’s activities beyond the process surrounding its possible acquisition. I was not involved in financing the airline, so I do not know the motives behind the ongoing investigations.

• It is true that I held the position of Sole Administrator of VECA, but I only did so for a period of 33 days (from July 27, 2016, to Aug.t 29, 2016), as corroborated by records in El Salvador’s Registry of Commerce. I assumed the position before the prospective acquisition of the airline in order to gain clear knowledge of VECA’s legal and commercial financial situation, which is why I did not make any financial decisions for the company.

• Throughout the prospective VECA acquisition process, I was advised by legal and financial experts to ensure the possible acquisition process was wholly legal and that it would be carried out in a transparent manner.

• During the acquisition process, as part of the obligations required by the anti-money laundering law, VECA’s majority shareholder was asked to submit information on the origins and source of the funds provided as capital for VECA. By August 2016, when the Due Diligence process was completed, the documentation on the origin of these funds had not yet been provided.

• Regarding the lawsuit brought against VECA by former employees in 2017, I had resigned from the position of Sole Administrator by that time. Therefore, I do not know why this lawsuit took place, and I am not responsible for the company’s performance during the lawsuit.

• VECA’s financial problems and the alleged irregularities in its management are not a result of my involvement. The company was already in a bad financial state before I took a short-term position within the airline.

The arguments and facts presented in this blog make it clear that my performance and business activities have always been governed by a set of rules and values that are in line with the highest standards of professional and moral ethics.

In spite of the controversies and comments that have occurred around me, I hope I have been able to clarify that I was not involved in the activities of the airline beyond my participation in the process for a possible acquisition, and that VECA’s financial problems and alleged irregularities in its management, are not a result of my administration.

Again, I reject these false accusations against me, and as always, I will continue to be firm in my commitment and effort to ensure that my companies and their activities always adhere to the law and morality wherever we operate.