Venezuela's interim government, led by Delcy Rodriguez, promised transparency as it began overhauling over $150 billion in debt.
But the appointment of U.S. firm Centerview Partners as adviser this month lacked a formal competitive process, according to eight sources, raising fairness concerns.
Centerview, which expanded by poaching talent from Lazard, stands to earn tens of millions in fees. It will lead debt talks on Venezuela's defaulted debt since 2017.
Investor Mauricio Claver-Carone, a former U.S. envoy, played a role in securing Centerview's hire, seven sources said.
Claver-Carone said he vouched for Centerview when asked by officials but did not endorse it. He wants trusted American firms that work with the U.S. government.
Centerview's spokesperson said the firm is a world leader with no conflicts of interest and no financial relationship with Claver-Carone.
Venezuelan economy vice president Calixto Ortega Sanchez said Centerview was selected for its deep understanding, long-standing relationship, and impeccable track record.
A U.S. State Department spokesperson said Claver-Carone is an expert who routinely consults with U.S. officials.
The capture of Maduro on January 3 opened opportunities. Investors and advisers flock to Caracas for deals in real estate, furniture, and rare earth minerals.
Centerview's team, led by Matthieu Pigasse, has decades of experience in sovereign debt restructurings from Argentina to Greece.
Pigasse said he has known Rodriguez for 15 years.
Major rivals like Lazard, Rothschild, and Alvarez & Marsal were not formally approached, four sources said. Hiring without a formal process is unusual.
Claver-Carone's role, though without official position, raises concerns. He said he has no financial interests in Venezuela or Centerview.
Bondholders expect Venezuela to seek an agreement by the end of 2027.
