The Legitimate Government of Venezuela highlighted the decision of the U.S. Office of Foreign Assets Control to extend the validity of General License 5A until April 22nd, 2020.
As a result, it ratifies that it is not currently possible to take any action to take control of the Citgo shares delivered as collateral of the PDVSA 2020 bond, illegally issued by Maduro’s regime, without the approval of the National Assembly.
With this decision, the United States extends the period established in October of last year, allowing the Legitimate Government to advance towards the definitive protection of Citgo.
This period of time will also allow us to wait for the nullity trial against the 2020 Bond to move forward. This trial was initiated by the Legitimate Government of Venezuela to seek the declaration of nullity, illegality and invalidity of these papers that put Citgo at risk, after Maduro’s regime illegally offered it as collateral for the bonds, without authorization from the National Assembly, thus violating Article 150 of the Constitution, as was warned at the time by the National Assembly.
Since the Legitimate Government took control of Citgo as a shareholder in January 2019, it has evaluated all possibilities and made every effort to safeguard this asset, which was irresponsibly put at risk by Nicolás Maduro’s regime.
“We reiterate our commitment to continue working in all legal ways to achieve the protection of this and all assets of the Venezuelan people, while seeking a consensual and orderly solution to the claims inherited from the Chavez and Maduro regimes,” the legitimate government said in a statement.