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Francisco Convit abandoned his attempt to buy a Maltese passport just months after triggering the process in 2014 with the help of his sister, a lawyer whom he listed as a dependent in his application documents. Convit was identified by Henley & Partners staff as a director and shareholder of Gazprombank Latin America Ventures BV. He was also a co-director of Barbados-registered Derwick Oil & Gas Corporation, alongside its founder, Alejandro Betancourt, who has since been implicated in a corruption probe linked to Luxembourg firms.

IIP Malta Ltd, a subsidiary of Henley & Partners, invoiced Convit for €28,000 in fees and a €10,000 deposit to cover an eventual payment for a passport. The firm noted in due diligence checks that there were “no concerns” with the applicant. After Convit failed to pay up, his application was terminated on the instruction of Henley & Partners' Canada office in November 2014.

The charges against Convit

In August 2018, US authorities indicted Convit on money laundering charges. Prosecutors allege that he and at least eight others played a role in embezzling US$1.2 billion from Venezuela's state-owned oil company, Petroleos De Venezuela SA, using Miami, Florida real estate and other schemes. Investigators believe the conspiracy in this case began in December 2014.

The FBI acknowledged Maltese law enforcement in press releases announcing the investigation. A then-unnamed private investment firm in the country allegedly laundered a total €511 million through the country, according to The Malta Independent. The firm was later identified as Portmann Capital Management, alleged to have processed almost €520 million in transactions.

What they said

A spokesman for Portmann Capital Management told the consortium that “The person you mention in your letter was not and is not a client of Portmann Capital Management Ltd, thus he was never in contact with the company or any of its directors.”

Portmann Capital Management banked with Sparkasse Bank in Malta. Referencing the action in the US against Francis Convit, Sparkasse Malta said “The Bank wishes to distance itself from these allegations and...the events as described in the criminal complaint,” and that “the Bank has no and had no relationship with the identified defendants nor the transactions having allegedly been made to the parties mentioned in the complaint. With regard to the Bank's alleged relationship with Portmann Capital Management Ltd, the Bank has always fully cooperated with the authorities competent to investigate such cases as the one reported to have been ongoing against this firm since 2015.”

Francisco Convit, Derwick Oil and Gas Corp, Alejandro Betancourt, Gazprombank Latin America Ventures BV did not respond to requests for comment. Henley & Partners declined to comment, saying the firm is “committed to complying with all applicable laws and regulations”.

Where is he now?

As of February 2021, according to media reports, Convit remains on the run.