The head of the Supreme Court of Venezuela has recommended President Carlos Andres Perez be indicted for allegedly misusing US$17.2 million.
The allegations have sparked protests and civil unrest, with a state of emergency being declared in the capital city of Caracas.
Abraham Quintero, first secretary of the Venezuelan embassy in Ottawa, told The Northern Miner that the opinion of the Supreme Court president would have to be backed by a majority of the 15-member court. This decision was to have been made on May 20.
Quintero said Perez is prepared to resign if merit is found to the allegations. National elections will be held in December and the outlook is not considered good for the beleaguered and unpopular Perez. A recent research paper by New York’s Chemical Bank indicates that Oswaldo Alvarez Paz, presidential candidate for the Copei Party, is the odds-on favorite to win the election. Paz is reported to favor reformist economic policies and joint ventures with foreign companies to increase investment in the country.
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