The ad-hoc Administrative Board of the Central Bank of Venezuela (BCV) presented on Wednesday, August 6th, its report and account before the National Assembly corresponding to the management results since August 13th, 2019.
The president of the BCV’s ad hoc administrative board, Ricardo Villasmil, reported that “the fundamental mission of this board has been to identify, protect, control and recover the BCV’s assets abroad from the kleptocratic maelstrom of the usurper regime with the help of the Special Prosecutor’s Office as its judicial and extrajudicial representative, and lawyers firms working under the coordination of the latter.
Like the vast majority of central banks worldwide, the BCV has historically concentrated its external assets in the two most important financial centers located in the United States and the United Kingdom.
“In the case of the United States, an account in the Federal Reserve Bank of New York was identified with $2.5 million and the remainder, the product of the rise in the price of gold, resulting from the early settlement of two sale and repurchase agreements with Citibank for $342 million,” he said.
In relation to the United Kingdom, the process has been slower and “the remainder of a gold sale and repurchase contract with Deutsche Bank for 120 million dollars was placed by this financial institution in custody and at the order of the courts of this country and there it remains waiting for them to decide who, if this ad-hoc board or Maduro’s BCV, is its legitimate legal representative,” added Villasmil.
Recovery and protection of Venezuelan gold
Another priority of the Central Bank of Venezuela’s Ad Hoc Board has been to recover and protect Venezuelan gold in England. “A total of 32 tons of gold, valued at the current price of about 2 billion dollars, remain at the Bank of England pending this decision as well”.
This was possible thanks to a ruling on August 2nd, 2020, which it formally recognizes Juan Guaidó as legitimate president of Venezuela as recognized by the British government, ignores Nicolás Maduro and characterizes him as a usurper and fraudster, and points towards a decision favorable to this ad-hoc Board and therefore contrary to the claims of the regime. A decision that would allow the ad-hoc Board to fulfill its mandate to take possession of these assets and put them in safekeeping,” said Villasmil.