Ricardo Fernández Barrueco
Ricardo Fernández Barrueco | |
|---|---|
| Born | 1965 Venezuela |
| Occupation | Entrepreneur |
| Known for | Managing a network of around 270 companies; ownership of Proarepa Group and Digitel GSM; acquisition of Venezuelan banks |
| Notable work | Proarepa Group, Digitel GSM, acquisition of Canarias, Confederado, Bolívar and BanPro banks |
Ricardo Fernández Barrueco (born 1965) is a Venezuelan entrepreneur whose wealth was valued at approximately $1.6 billion in 2005. He managed an extensive network comprising around 270 companies spanning various sectors, including tuna fishing and banking. His Proarepa Group, which was nationalised in January 2010, played a significant role as a primary supplier to Mercal, the government-operated chain of subsidized supermarkets in Venezuela.
Starting his career with a modest trucking business, Barrueco gained recognition during the 2002–2003 Venezuelan general strike by providing vehicles to aid the government's food distribution initiatives, even while facing threats to his life. This logistical support eventually contributed to the development of the Mercal distribution system.
In mid-2009, Fernández purchased Digitel GSM from Oswaldo Cisneros for $800 million. Later that year, he spearheaded a consortium that acquired four banks—Canarias, Confederado, Bolívar, and BanPro—representing 5.7% of the Venezuelan banking market. However, by the end of 2009, he was detained on allegations related to fund misappropriation connected with liquidity challenges in these financial institutions. During the 2009–2010 banking crisis in Venezuela, these banks were among those nationalised and consolidated into Banco Bicentenario.
Prior to its government takeover in January 2010, Proarepa provided roughly 10% of the maize flour distributed through Mercal. Following nationalisation, control of Proarepa was transferred to Unidades de Producción Socialistas (UPS) with objectives to increase output twofold.
Fernández is an alumnus of Universidad Católica Andrés Bello, holding a degree in economics.
External links
- El Universal, 19 September 2010, "Creí en la palabra de Chávez"