Fourteen months ago the article "Globovision digging its own grave in Venezuela" was published on Axis of Logic. Now this right wing opposition news channel which made a career out of opposing and lying about the Chavez government has imploded forfeiting a possible 45.8% of its stock to the Venezuelan state primarily due to the mind boggling irresponsibility of its owners.

One of Globovision’s main stockholders was Nelson Mezerhane, a successful businessman with a string of some 300 companies including the now broke Banco Federal. This bank was intervened by the Banking Commission (Sudeban) in June because it was insolvent, pure and simple. Mezerhane, his son and cohorts had siphoned off approximately US$1.6 billion in late December 2009 and early January 2010, prejudicing the depositors.

Mezerhane fled the country and was last heard of in Boca Ratón, Florida. He has refused to surrender to Venezuelan authorities saying that he will not receive a fair trial.

[L) Nelson Mezerhane, Globovision (GV) stockholder, owner of bankrupt Banco Federal, fugitive from justice, is hiding in Florida after embezzling $1.6 billion in deposits from Banco Federal. [R] Alberto Federico Ravell, former General Manager of (GV), fired in January by Guillermo Zuloaga, majority stockholder in GV.

The result of this massive embezzlement has been that the Venezuelan state has taken control of the Banco Federal in order to protect its depositors. Mezerhane’s holdings in this bank and other businesses will have to be liquidated in order to pay off the bank’s customers. Unfortunately, one of Mezerhane’s other companies held 20% of Globovision stock and the Venezuelan state has taken control of these assets in the intervention process.

In addition, another 5.8% is held by another Mezerhane company adding to the assets available to start covering Banco Federal’s debts of 25.8% of Globovision’s stock value. These assets however will not be sufficient to cover the depositor losses. But depositors are being compensated for all additional losses by the Venezuelan government.

In a July 20 television broadcast, President Chavez also mentioned that another stockholder of Globovision, Luis Teófilo Núñez Arismendi, who held a further 20% of Globovision’s shares had died, meaning that the state could now take control of this stock. If this does indeed happen, the Venezuelan state would hold 45.8% of Globvision’s value and be obliged to have at least one representative on the Board of Directors.

If this situation proceeds are described by President Chavez, Globovision will have fallen almost under state control due to a combination of luck and incredible stupidity on the part of Nelson Mezerhane and his fellow owners.

On the other hand, we are uncertain as to whether the death of Luis Teófilo Núñez Arismendi will allow the government to appropriate his stock. Nuñez Arismendi’s stock could be valued in terms of equipment and property, for example, which would appear not to have anything directly to do with the broadcasting license.

Guillermo Zuloaga, Globovision's majority stockholder and fugitive from justice.

Globovision’s majority stockholder, Guillermo Zuloaga, is also a fugitive from Venezuelan justice for the hoarding of vehicles and massive price speculation to defraud the public. He is also in the US and it remains to be seen what will happen to the broadcast license if it was in fact granted in part to Zuloaga who is now a fugitive.

However, we have since learned from the TV program “Mandinga’s Papers” this evening that 50% of the Globovision broadcast license was granted to Nuñez Arismendi. Broadcast licenses are granted to a person and not to companies in Venezuela. They are not transferrable, not automatically renewable and can be suspended or revoked if broadcasting laws are constantly violated. Hence, it would appear that at least 50% of the broadcast license will now revert to the Venezuelan state and this could leave the channel as whole in limbo.

Whatever the outcome of the percentage of stock involved it appears certain that the Venezuelan state will now have a representative on the Globovision board of directors. The seven case files for violating broadcast laws open against Globovision in Conatel (Venezuelan FCC) are still pending. Thanks to the shortsightedness of Mezerhane and the breaking of his own Banco Federal, it looks as if these case files could stay in a bottom drawer for some time to come.

Back in January Globovision’s General Manager and government nemesis, Alberto Federico Ravell, was fired by Zuloaga due to “internal policy differences”. It was at this point that cracks in the united front of Globovision’s directors started to appear. Whatever one’s opinion of Ravell as an outspoken manipulator he was an excellent front man defending the channel’s interests.

Now at least part of Globovision’s interests and programming will be influenced by the state and its representative on the Globovision board of directors. This representative is yet to be named but in the meantime let’s wait for the media feeding frenzy to kick off accusing the government of “violating the freedom of speech”. All that's needed to see this is an internet search of terms like, "Venezuela" or "Hugo Chávez" on any given day to see how "fair and balanced" are the corporate media reports on Venezuela or President Chávez.

Let us not forget the fact that this whole implosion was detonated by the embezzlement of customers’ funds by Nelson Mezerhane, the owner of Banco Federal, important Globovision stockholder and fugitive from justice, is now hiding in Florida under the protection of the U.S. government.

READ HIS BIO AND MORE ESSAYS BY
AXIS OF LOGIC COLUMNIST, ARTURO ROSALES