The President of Venezuela, Nicolas Maduro, this Friday appointed Alex Saab, considered its leader, as the Caribbean country’s new Minister of Industry and National Production with the aim of promoting a “new economic model”.
“I named Alex Saab as new Minister of People’s Power of Industry and National Production, I am sure that with his great management capacity and his commitment to our people, he will promote the development of the entire industrial system of Venezuela”, he stressed.
But, Who is Alex Saab? The Colombian businessman, of Lebanese origin, made his name in 2011 by signing a social investment agreement during a historic meeting between the presidents of Venezuela at the time, Hugo Chavezand Colombia, Juan Manuel Santos. This agreement is the origin of one of the so-called the most notorious corruption schemes in Venezuelahas.
Alex Saab was arrested in June 2020 during a stopover in Cape Verde and was later extradited to the United States on charges of money laundering. After his arrest, Maduro’s government unsuccessfully attempted to prevent his extradition to the United States, arguing that Saab had obtained Venezuelan citizenship and appointing him ambassador to the African Union in December 2020. Additionally, In September 2021, the Venezuelan government announced its intention to include Saab as a delegate in negotiations with the opposition in Mexico, although this did not materialize due to his extradition to the United States in October of the same year.
In December 2023, the White House announced the release of a dozen Venezuelan prisoners, including Saab. The Colombian businessman was released by the US government after a deal with Venezuela. Alex Saab, arrested in Miami for conspiracy to launder money, was released as part of a bilateral agreement in which Nicolas Maduro’s government agreed to release 10 Americans detained in Venezuela.
Alex Saab, millionaire speculator
In 2018, Saab became an informant for the Drug Enforcement Administration (DEA) and shared information about bribes he offered Venezuelan officials and his government contracts, according to documents released in 2022.
Additionally, Alex Saab became wealthy through the Venezuelan Housing Mission’s materials supplier business. Armando.Infoa Venezuelan investigative newspaper, reported that Saab received $159 million from the Venezuelan government to import construction materials between 2012 and 2013, but only delivered products worth three million dollars. Subsequently, he sold food to Venezuela worth more than $200 million under a contract signed by the president. Nicolas Maduro. The food was then resold in Venezuela at a price 112% higher than its original price.
