This Wednesday the Special Prosecutor and the Ad Hoc Administrative Board of the Central Bank of Venezuela (BCV), rendered the administrative account of their performance before the legitimate National Assembly, chaired by Interim President Juan Guiadó, where they highlighted among their achievements the rescue and protection of the international reserves of the Republic and ensured that the gold reserves, kept in the Bank of England, belong only to Venezuelans.
The session began with words of greeting from the President in Charge of Venezuela and the National Assembly, Juan Guaidó, highlighting that despite the establishment of the dictatorship and persecution against the entities of the Interim Government and its officials, today they deliver accounts in a transparent manner, facing the country, and praised the courageous disposition and the effort made by its representatives to recover democracy and so be able to rebuild the nation.
Immediately, President Guaidó authorized the interventions to present the accounts online before the Board of Directors of the Delegate Commission, and Deputies members of the Finance and Economic Development Commission.
The Gold belongs to Venezuelans
Manuel Rodríguez, President of the Ad Hoc Administrative Board of the Central Bank of Venezuela (BCV) in his presentation of the accounts of the year 2020 until July 2021, stressed that the purpose of his office was to rescue and protect the international reserves of the Republic.
The assets rescued comprehended: “The takeover of the NY FED account for $ 4.6 MM; the recovery of the Citibank account for $ 342.3MM; and the neutralization of the regime’s claim to dispose of the gold from the country’s reserves deposited in the Bank of England.”
“These recovered assets are given by the BCV’s operating account of 4.6 million dollars. The total funds handled by the Ad Hoc administrative board is 346. 9 million dollars,” stated the President of the Ad Hoc Board of the BCV who added in his presentation that two loans in the name of the Republic were approved in 2020 for the amount of 80 million U.S. dollars.
In May 2021, given the urgent need created by the pandemic, U.S. $ 100 million were approved for vaccines against COVID-19.
“All those loans were extended based on the National Constitution,” emphasized Mr. Rodríguez, who notified that “as of June 30th, 2021, the total liquid balance is 276 million U.S. dollars.”
The official indicated that in “the year 2020, 44 payment orders were made and so far in 2021, 22 payment orders have been made.” Furthermore, he revealed that for the transparency of the administration of the resources, a “base platform” of audited management and internal control was created that allows to leave traces of every action and render accounts.
In May of this year there was a need caused by the COVID-19 vaccines of 100 million U.S. dollars ”.
In addition, he specified that due to the recovery of assets that had already begun, 25 meetings were held in 2020 and in 2021, 28 meetings were held until June, and therefore, this had to be declared and informed to the country, both years are reflected in their respective minutes.
The economist went on to clarify that the information matrix created by some media that pointed out that the gold belonged to Guaidó or Maduro and he made clear and assured that the gold reserves that are in dispute in England belong only to Venezuelans.
“The assets that are in recovery are both in England. Both have not delivered the money because the regime’s claim to use the gold,” he asserted.
More than 60 trials
Afterwards the Special Prosecutor of the Interim Government, Enrique Sánchez, took the floor to deliver account of his management from June 2020 to June 2021, where he detailed that 60 lawsuit processes between trials and derivative arbitrations had been identified. All of them caused entirely by the arbitrary action of the dictatorship.
“The amount of interests in dispute, of what was disputed in more than 60 lawsuits, are in the order of 40 billion U.S. dollars, that is to say, an immense portion of the public debt at that time. To attend that amount of lawsuits until that moment there was only 24 million dollars available,” he said.
To provide funds to address these cases, the Special Litigation Fund was created. This is an authorization to spend or pay, where it is specified that there are a total of 24 million dollars to attend the judicial representation and the judicial processes against PDVSA, BCV, and REP.
He mentioned that the trials and arbitrations that are under control for non-compliance include: Registration, confirmation and execution of arbitration awards; for damages derived from alleged expropriations and other alleged illegal acts, which include claims from alleged victims of the FARC and the ELN; for alleged breaches related to Public Debt Bonds.
Also the lawsuits for the Declaratory Action of Nullity of the 2020 Bonds and being extended as collateral on Citgo shares; commercial contracts and alleged commercial debts also derived from corruption.
Mr. Sánchez specified that the amount in dispute is: U.S. $ 23,399,970,472.99 that covers the attention of the “most risky cases in dispute over the money that belongs to Venezuelans.”
He highlighted that the law firms employed for the defense, “due to its importance, won’t allow that there be corruption, and they also have ‘malpractice insurance’. This means that the interests of the Republic are safeguarded against any irregular situation and these law firms are represented by highly professional lawyers who have represented sovereign governments of other countries.”
In his presentation, he highlighted the recognition of the Interim Government, of the Ad Hoc boards, and the recognition of the Venezuelan people, “there are also achievements that ‘cannot be seen as minor’ and this includes the recovery of Citgo and the Venezuelan gold kept in the Bank of England that has not passed into the hands of the dictatorship or its creditors.”
The main lawsuits carried out for the defense of the assets of Venezuelans involve the 31 tons of gold, valued at U.S. $ 2.00 billion ($2,000,000,000.00), which are in the vaults of the Bank of England; the appeal on the nullity of the PDVSA 2020 Bonds that guarantee approximately 50.1% of Citgo Petroleoum Corporation; the Conoco vs. PDVSA lawsuit for the amount of 1.9 billion U.S. $ that is in ongoing and also that of Conoco (Petrozuata-Hamaca-Corocoro) vs the Republic before the Annulment Committee of The International Centre for Settlement of Investment Disputes (ICSID), a World Bank institution with headquarters in Washington D.C. for the amount of 10 Billion U.S. dollars.
The Prosecutor said he was “convinced that Maduro will not be able to get his hands on that money, the gold in England” and reported that there are new cases that are pending assignment and have not been assigned due to lack of funds.Therefore, this office asks the National Assembly to approve more resources to attend the new judicial processes.”
The rendering of accounts of both entities will be sent to the corresponding committees with copies and annexes delivered by their representatives.