The National Assembly expanded the Special Litigation Fund to deal with the trial on the control of the BCV’s gold reserves

The Delegate Commission of the National Assembly approved on Tuesday a Draft Agreement in Defense and Protection of the Assets of the Nation, which authorizes the expansion of the Special Litigation Fund to the amount of three million seven hundred twenty thousand six hundred eighty-seven US dollars, to face debts for professional fees and legal expenses associated with the trial over the control of the gold reserves of the Central Bank of Venezuela held by the Bank of England.

These resources will be provided by the Central Bank of Venezuela and which has the financial capability and will carry out the national commitment order and the respective payments.

Likewise, the AN authorizes the Central Bank of Venezuela to use its own resources available in bank accounts abroad in favor of said entity for the payment of professional fees and legal expenses associated with the aforementioned lawsuit.

Among the points considered, the text indicates that according to article 41 of the Statute that governs the transition to democracy to restore the validity of the Constitution of the Bolivarian Republic of Venezuela, it is not possible to use the recovered assets to defray public expenses without counting with the corresponding parliamentary approval and control.

It also indicates that there is the possibility and need for the protection and recovery of assets of the Republic and other entities of the Venezuelan State abroad, including the products of corruption and kleptocracy of the Chávez and Maduro regimes, which has required follow-up or participation in the judicial and administrative processes that may take place abroad for the return of more than thirty tons of gold owned by the Republic.

Others of the considered points indicate that this trial is currently taking place in the city of London, United Kingdom, in which is litigated the control of the gold reserves of the Central Bank of Venezuela in possession of the Bank of England, valued at the end of November of the year 2020 as worth one thousand eight hundred twenty-seven million dollars as well as a balance in favor the republic of one hundred and twenty million dollars.

In the same way, the document states that the Venezuelan public sector has financial availability for the use of resources deposited in the United States of America, aimed at meeting the most urgent and priority needs to ensure the proper defense and recovery of its assets, therefore according to the agreement dated November 19th, 2019, the Special Litigation Fund was created and subsequently increased by another agreement dated January 29th, 2020.