Venezuela's opposition is preparing to seek an asset protection program fro...
CARACAS - Venezuela’s opposition is preparing to seek an asset protection program from the United Nations to prevent creditors from seizing the country’s crown jewel overseas asset, U.S. refiner Citgo, a lawmaker and two opposition sources told Reuters.
The meeting will see representatives of Venezuelan President Nicolas Maduro and opposition head Juan Guaido battling to win support from world leaders as Venezuela’s economic collapse and political crisis show little sign of resolution. “We are working on the issue of asset protection in the United Nations,” Carlos Valero, an opposition lawmaker who sits on the National Assembly’s foreign affairs committee, said in an interview. He said a team of lawyers had been studying the issue for around two months but that the plans were “incipient.”But getting the Security Council to approve a deal similar to that of Iraq for Venezuela, another oil-rich but highly-indebted nation, could prove challenging.
But U.S. sanctions on Venezuela, intended to force Maduro out, also prevent his government from making bond payments.Maduro, who blames the country’s economic woes on the U.S. sanctions and calls Guaido a coup-mongering U.S. puppet, has in the past accused the opposition of “stealing” Citgo.While the opposition made a $71 million interest payment on the bond in May using uncollected revenue from PDVSA oil sales, it is not clear that it has access to frozen Venezuelan state funds abroad.U.S.
The idea of a Security Council resolution protecting Citgo was proposed in an academic paper written late last year by Lee Buchheit, a veteran sovereign debt restructuring lawyer who has since become an adviser to the opposition.
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