Julio Borges Denies Corruption Allegations, Accuses Venezuelan Authorities of Ignoring Scandals

Venezuelan opposition leader Julio Borges has responded to an arrest warrant issued against him, denying allegations of corruption and accusing Venezuelan authorities of ignoring 25 years of scandals. Attorney General Tarek William Saab announced on Wednesday that he has requested the arrest and extradition of Borges and fellow opposition politician Leopoldo López, claiming they received benefits exceeding $1 billion from a corruption scheme involving state oil company Petróleos de Venezuela (PDVSA).

Why this matters: The allegations of corruption against high-ranking opposition leaders in Venezuela have significant implications for the country's political stability and the ongoing economic crisis. If proven, these charges could further erode trust in the opposition movement and embolden the Maduro government's efforts to consolidate power.

The accusations are based ona video confessionfrom detained businessman Samark López, who claims that two Venezuelan contractors with close ties to Borges' Primero Justicia party and López's Voluntad Popular party were involved in the alleged scheme. According to Samark López, the contractors illegally allocated crude oil shipments worth over $1 billion, with each vessel carrying a minimum of 2 million barrels valued between $120-140 million. He states the contractors earned double profits by selling the oil as well as diluents sent to Venezuela instead of paying for the crude.

Attorney General Saab alleges the scheme, known as PDVSA-Crypto, aimed to"destroy our currency by pushing up the value of the black market dollar, and thus making the economic policies of the government fail. "He announced that investigations have led to 13 new arrests, bringing the total number of detainees to 67.Saab claimsthose involved intended to enrich themselves through corruption while destroying Venezuela's economy amid ongoing sanctions.

Julio Borges and Leopoldo López are both living in exile in Spain. Borges was granted political asylum in Colombia in 2018 before moving to Spain. He faces two previous arrest warrants in Venezuela for alleged corruption and planning a failed assassination attempt against President Nicolás Maduro in 2018. López was arrested in 2014 during anti-government protests and sentenced to over 13 years in prison in 2015. He was later allowed to serve his sentence under house arrest but fled to the Spanish embassy in Caracas in 2019 after a failed military uprising.

The Venezuelan government has now requested new arrest warrants and extradition orders for both Borges and López from Spain. While Saab presented Samark López's video confession as evidence, CNN has not been able to independently verify the authenticity or date of the recording. The PDVSA-Crypto corruption case remains a major scandal in Venezuela, with investigations ongoing since early 2024.

Key Takeaways

• Venezuelan opposition leaders Julio Borges and Leopoldo López face arrest warrants for alleged corruption.
• They're accused of receiving $1 billion in benefits from a PDVSA corruption scheme.
• The scheme allegedly involved illegal oil shipments and diluents to destroy Venezuela's economy.
• Borges and López deny allegations, accusing authorities of ignoring 25 years of scandals.
• Venezuela has requested extradition of both leaders from Spain, where they're living in exile.