The Venezuelan Network

EDITORIAL  |  JUNE ,2026

The Venezuelan Network at the Heart of One Guyana’s Flagship Project

While the PPP spent a year branding the opposition a Venezuelan security threat, it quietly handed Guyana’s most expensive infrastructure project to Venezuelan nationals, a former PDVSA operative, and a family bank the FBI raided for PDVSA money. That is not irony. That is a standard applied to enemies and abandoned for friends.

Let us begin with a bank almost no Guyanese has heard of.

Banco San Juan Internacional — BSJI — announced to the world, via a LinkedIn post, that it played an integral role in financing the US$759 million Gas-to-Energy plant at Wales, West Bank Demerara. It described itself as pivotal in supporting Lindsayca CH4 Guyana’s project for the Government of Guyana. It spoke of clean, affordable power for thousands of Guyanese.

Pleasant words. Incomplete picture.

BSJI is a Puerto Rico bank owned by a Venezuelan family. In February 2019, heavily armed FBI agents raided its San Juan offices, seizing documents in an operation tied to U.S. sanctions on Venezuela. Federal authorities suspected the bank of moving money for PDVSA — Venezuela’s state oil company, the same entity at the centre of the Maduro regime’s financial architecture. The then-U.S. National Security Adviser John Bolton publicly described the raid as part of Washington’s campaign to cut off funds to Nicolás Maduro. The Department of Justice seized US$53 million.

A 2020 settlement returned most of it. BSJI paid a US$1 million penalty to close an investigation into the adequacy of its anti-money-laundering controls. That settlement did not close the file on the institution’s standing in the American financial system.

The New York Federal Reserve suspended BSJI’s access to the U.S. payment system in 2019, restored it in December 2020 after the settlement, then in 2022 found the bank had breached the conditions of its second chance — failing to file three mandatory assessments proving its compliance programme actually worked. The Fed concluded BSJI posed an undue risk and moved to shut it out permanently.

The bank sued. In October 2023, a federal district court refused to block the closure. In January 2025, the case was dismissed. On May 13, 2026 — last month — the Second Circuit Court of Appeals affirmed that dismissal unanimously, three judges to none. Writing for the court, Judge Denny Chin found that regional Reserve Banks hold what he described as a toolkit of scalpels and a hatchet to manage risk. The court also rejected the bank’s argument that it had been targeted because its owner was Venezuelan, finding no evidence for the claim.

By May 2023, BSJI had 14 account holders. Most of them, court filings reveal, were the owner’s close relatives and offshore entities they control.

This is not a bank in any recognisable commercial sense. It is a family vehicle in Puerto Rico — not federally insured, not under prudential federal supervision — that the FBI raided over Venezuelan oil money and the United States banking system expelled, twice, for compliance failures.

And it submitted a proposal to finance the largest public infrastructure project in Guyana’s history.

The proposal, a preliminary draft dated June 10, 2022 — six months before Guyana signed the construction contract — laid out a Multi-Project Credit Facility: US$252 million, described as up to 35 percent of project cost against an estimated investment of US$800 million. Ten-year term. Interest at 4.50 percent. A 1.50 percent fee. The collateral BSJI wanted was the project’s own output: the electricity and the gas liquids. The funds would sit in trust managed by the bank itself. BSJI also reserved the right to approve whoever won the contract to trade the plant’s natural gas liquids, to take the project’s carbon credits and assign them to third parties, and to require that all insurance covering construction, operating and political risk be acceptable to the bank — at Guyana’s expense.

To summarise: a small Puerto Rico bank owned by Venezuelans proposed to lend Guyana a quarter of a billion dollars, hold the nation’s project revenues in its own trust, control who sold the gas liquids, pocket the carbon credits, and insure itself against risk with Guyanese public funds.

The lender of record for the gas plant is the U.S. Export-Import Bank, which approved a US$527 million loan in late December 2024. The government has never explained BSJI’s role, and Finance Minister Ashni Singh did not return calls on the subject. But CH4’s own press material describes BSJI as its partner bank — the vehicle through which CH4 helps clients secure financing alongside EXIM and the U.S. Development Finance Corporation. The proposal landed on the desks of Ashni Singh and GTE Taskforce head Winston Brassington. The question is not whether BSJI is a footnote. The question is why a bank with this history was anywhere near Guyana’s treasury — and why the government has never said a single public word about it.

Because the bank is only the entry point. To see the full structure, you have to understand who actually built this plant.

The contract was awarded in December 2022 to a consortium styled as Lindsayca-CH4 Guyana. The government and Vice President Bharrat Jagdeo sold it relentlessly as American excellence — U.S. engineering, a pillar of the Washington-Georgetown strategic partnership. EXIM gave it a Deal of the Year award. The American framing was the entire political point.

Peel the flag back, and you find Caracas.

Lindsayca, the Houston-based partner, is owned and run by two Venezuelan brothers, Hector and Jesus Fuentes Guimare. The project director at Wales, Ruben Figuera, was, by multiple accounts, a high-ranking official in the Maduro government overseeing PDVSA joint ventures before international authorities froze money in his Andorra accounts on bribery and money-laundering allegations.

CH4 Systems, the other half of the original consortium, is a Puerto Rico company wholly owned by Juan Bellosta. The Bellostas are the family that owns BSJI. Corporate records show CH4 Systems, BSJI and a procurement company called Commonwealth Procurement sharing the same Guaynabo address. Another entity, Venequip Puerto Rico, ties to the same family network.

When the bids came in during September 2022, Lindsayca-CH4 placed the highest of five. PowerChina offered the same integrated facility for US$704 million. China Machinery offered US$696 million. Guyana paid a premium of nearly US$200 million to keep China out — and what it got was a consortium owned by Venezuelans, directed by an alleged former PDVSA operative, and financed, adjacent, by a Venezuelan family bank the FBI had raided over PDVSA money.

The partnership has since fractured in ways the public was deliberately not allowed to see. The consortium took the Government of Guyana to a Dispute Avoidance and Adjudication Board. When that board ruled in January 2025, the government kept the outcome secret, citing confidentiality. Reports indicate Guyana was required to pay around US$106 million, negotiated down to roughly US$82 million, with approximately US$40 million going to CH4 to exit the deal. The Office of the Prime Minister denies any secret payment. But two facts are not in dispute: CH4 and the Bellosta family exited, Lindsayca took full control and rebranded as Lindsayca Guyana Inc., and the government chose to litigate the entire episode in darkness.

A government that trusted its own deal would not need the dark.

Now place all of this on the map as it stands in June 2026, and the embarrassment becomes something heavier and more dangerous.

Venezuela claims the Essequibo — two-thirds of Guyana’s landmass. Maduro held a referendum on annexing it in December 2023 and signed a law in April 2024 purporting to make it Venezuelan territory. The merits of Guyana’s case were argued at the International Court of Justice in The Hague from May 4 to 11 this year. A ruling is expected around August. Acting president Delcy Rodríguez has already declared Venezuela will ignore whatever the ICJ decides.

The gas plant at Wales sits in undisputed Guyana. The geography is not the point. The point is that this government has staked the nation’s energy future — and its national-security argument about independence from imported fuel — on critical infrastructure built and partly bankrolled by the very network the United States spent years dismantling. The PDVSA money that got BSJI raided. The PDVSA joint ventures Figuera is alleged to have run. The Venezuelan ownership running through Lindsayca and CH4. The family bank behind them.

While Caracas attempts to seize Guyana’s oil-bearing territory and the United States defends Guyana against it, Venezuelan oil-network figures poured the foundations of Guyana’s flagship power plant — with a loan from the American export bank. You do not have to allege a conspiracy to find that intolerable. You only have to ask the questions any serious government would ask.

EXIM finances American exports. It does not exist to protect Guyana from the people Guyana hires. That job belonged to this government.

Which brings us to the part that should anger Guyanese most — the part the government cannot attribute to Houston or San Juan or The Hague.

For more than a year, the People’s Progressive Party made Venezuelan entanglement and U.S. sanctions the centrepiece of its case against the opposition. In June 2024, the U.S. Treasury sanctioned businessman Azruddin Mohamed and his father under the Global Magnitsky framework for alleged public corruption and gold smuggling. The Bank of Guyana closed their accounts. In October 2025, a federal grand jury in Florida unsealed an eleven-count indictment.

The PPP did not let a single day of that go to waste. Vice President Jagdeo went on television to warn that the country itself could face sanctions and big trouble with the United States if Mohamed were elected. The U.S. Ambassador called the prospect concerning and problematic. A U.S. Congressman publicly branded Mohamed a pro-Maduro puppet candidate. The message to voters was clear, repetitive, and unmistakable: the opposition is the Venezuelan problem, the opposition is the sanctions risk, a vote for them is a vote to drag Maduro and the Treasury Department down on all our heads.

The standard the PPP applied to Azruddin Mohamed was this: association with U.S. sanctions and a Venezuelan taint disqualifies you from public trust, full stop. By that exact standard, what is a consortium owned by Venezuelan nationals, directed by an alleged former PDVSA operative with frozen Andorra accounts, financed adjacent by a Venezuelan family bank the FBI raided over PDVSA money and the Fed expelled from the U.S. financial system?

If a sanctioned gold dealer represents a national-security emergency, why does a PDVSA-linked network holding the keys to the national power plant qualify as American excellence?

The government invented that standard. It applied it with maximum force against its political opponents. It then abandoned it entirely when the same criteria attached to its own flagship project, its own contractors, and its own financiers.

That is not a policy contradiction. It is a confession.

The 592 Guardian calls on the Ministry of Finance to make public the full nature of BSJI’s role in the Gas-to-Energy project — every communication, every proposal, every meeting. We call on the GTE Taskforce to explain why a consortium that submitted the highest bid was selected, who conducted due diligence on the Venezuelan ownership and PDVSA connections of the principals, and what, if anything, was disclosed to EXIM before the US$527 million loan was signed. We call on parliamentary committees to summon Winston Brassington and examine the procurement record in the public interest.

And we call on every Guyanese who sat through the PPP’s Venezuela lectures during the 2025 election campaign to hold this government to its own proclaimed standard — because a nation that cannot apply its principles evenhandedly has no principles at all.

— The 592 Guardian Editorial Board