VZCZCXRO8343
PP RUEHAO RUEHCD RUEHGA RUEHGD RUEHGR RUEHHA RUEHHO RUEHMC RUEHMT
RUEHNG RUEHNL RUEHQU RUEHRD RUEHRG RUEHRS RUEHTM RUEHVC
DE RUEHCV #0976 2091452
ZNR UUUUU ZZH
P 281452Z JUL 09
FM AMEMBASSY CARACAS
TO RUEHC/SECSTATE WASHDC PRIORITY 3460
INFO RUEHWH/WESTERN HEMISPHERIC AFFAIRS DIPL POSTS
RHEHNSC/NSC WASHDC
RUMIAAA/HQ USSOUTHCOM MIAMI FL
RUCPDOC/DEPT OF COMMERCE
RUEATRS/DEPT OF TREASURY

UNCLAS CARACAS 000976 
 
SENSITIVE 
SIPDIS 
 
HQ SOUTHCOM ALSO FOR POLAD 
TREASURY FOR RJARPE 
NSC FOR RKING 
USDOC FOR 4332 MAC/ITA/WH/JLAO 
 
E.O. 12958: N/A 
TAGS: ECON EFIN PGOV PREL VE
SUBJECT: CADIVI RELEASES LIST OF COMPANY-SPECIFIC HARD 
CURRENCY APPROVALS 
 
REF: CARACAS 614 
 
¶1.  (U) CADIVI, the GBRV entity which rations hard currency 
at the official exchange rate under Venezuela's currency 
controls, released on its website a table with 
company-specific data on hard currency approvals from 2004 
through April 20, 2009.  Each company's total is broken down 
between imports and all else (e.g., dividends, royalties, 
etc.).  For example, according to the table, CADIVI approved 
during this time period a total of USD 3.3 billion for 
General Motors of Venezuela (the second highest total 
according to a local analyst's compilation), of which USD 3.2 
billion was for imports.  The company that received the 
highest amount of hard currency approved (USD 4.6 billion) 
was Sidor, the steel maker nationalized in 2008.  According 
to the analyst's compilation, the top 25 largest recipients 
also included the Venezuelan subsidiaries of Ford, Cargill, 
Chrysler, Goodyear, Pfizer, Procter & Gamble, and Mack, as 
well as American Airlines.  There are approximately 8600 
companies listed in the 86-page table. 
 
¶2.  (SBU) Comment:  To our knowledge CADIVI has never before 
released company-specific data of this kind, and we are 
somewhat puzzled as to why it is doing so now.  It is always 
possible CADIVI is embracing greater transparency, though 
that is not the trend of most GBRV financial institutions. 
It is also possible CADIVI and/or the GBRV is preparing the 
groundwork for a counterattack against critics, particularly 
within the private sector and opposition, who blame CADIVI 
for problems in their company, their sector, or the economy 
at large (reftel).  The data released show subsidiaries of 
foreign companies have been the largest recipients of hard 
currency approvals, and the GBRV might well go on to argue 
these companies have nothing to complain about.  End comment. 
CAULFIELD