Last week, Guaido rejected during a press conference a condition demanded by Nicolás Maduro for possible dialogue; that the negotiations be public. Guaidó replied that "a negotiation with microphones is not a negotiation," as this "takes seriousness away from the process." Guaido invited Maduro to negotiate “free and fair” elections in exchange for a progressive lifting of the sanctions. If Maduro replied positively he said he wants all the PDVSA and Banco Central de Venezuela frozen money back. With regards to the gold held in the vaults of the Bank of England, UK’s Foreign Secretary Dominic Raab has been granted permission to intervene at the Supreme Court during a hearing scheduled on 19th July. The Supreme Court should rule on the de facto recognition of Guaido by the UK during the second half of 2021 by deciding which administration should have control over the gold. The Foreign Secretary was invited to intervene in the proceedings to clarify the position from the UK Government whether Guaidó is recognized not only as the de jure Head of State of Venezuela, but also the de facto Head of State.
Also last week, the U.S extended waiver for oil companies to work in Venezuela. Chevron Corporation, Halliburton, Schlumberger Limited , Baker Hughes Holdings LLC, Weatherford International, Public Limited Company are now authorized to keep operating in Venezuela until 1st Dec 2021. For Venezuela bonds, the de-jure and de-facto administrations disagree on how bondholders should look at prescriptions periods. On 28th September 2020, Venezuela’s opposition-designated attorney general, appointed by National Assembly President Juan Guaido, published a statement saying that it is the view of the Guaido team that the contractual prescription period has not begun to run in respect of an overdue amount of principal or interest payable under any of the bonds issued by the government. According to the opposition government, the 10 and 3 year periods set out in the prescription clause of most Venezuela, PDVSA and ELECAR bonds will not begin to run unless and until: - the Fiscal Agent receives the full amount owed by the Republic and
- the holders have been notified of such event.
At the same time, attorney general indicated the statutory limitation period of six years under the laws of New York still applies. This followed a statement from Maduro’s finance minister Delcy Rodriguez who highlighted that with the third anniversary for the first missed bond payment in 2017 coming soon, prescription deadlines for interests will expire and the launch on 15th September 2020 of the Maduro conditional offer. Under the offer, bondholders would agree to renounce to rights to litigate and in exchange prescriptions deadlines would be waived.
http://www.mppef.gob.ve/comunicados-oficiales/ The Maduro conditional offer expired on 14th March 2021 and won’t be extended again, however the government said it will keep talking with Venezuela, PDVSA and Electricidad de Caracas bondholders in order to reach agreements under the same conditions as those with whom the Tolling Agreements are entered into. The proposed mechanism would require licenses from the US Treasury Department's Office of Foreign Assets Control, which administers sanctions. |
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