Venezuela's National Tourist Board (Corpoturismo) liquidation committee has uncovered a 14 billion bolivares ($17.5 million) swindle involving the Hotel Guayana.

Venezuela's National Tourist Board (Corpoturismo) liquidation committee has uncovered a 14 billion bolivares ($17.5 million) swindle involving the Hotel Guayana. 

Committee president Ramon Burgos claims that while an internal Corpoturismo audit shows the Hotel Guayana's income between 1998 and 2001 to be around 15.3 billion ($19.1 million), the Venezuelan State only received 1.6 billion ($2 million) ... "apparently 86% was swallowed up administrative costs." Burgos says the State had signed a leash agreement with Intercontinental Hotels de Venezuela 14 years ago granting Hotel Guayana 75% of net profits ... hotel manager Publio Escalona reportedly earned 2 million ($2,500) a month and had a 70 million bolivares ($87,500) expense account until the hotel went bust. 

http://www.vheadline.com/readnews.asp?id=9236