Former President Samper Warns of U.S. Dispossession in CITGO Case

«Little or nothing helps this financial assault to the electoral process that currently occurs in the neighboring country», he wrote.

The former president of Colombia, Ernesto Samper, warned about the steps the United States has taken to strip Venezuela of an estate for 21 billion dollars.


US and the Right Seek to Steal CITGO From Venezuela: President Maduro

In his social network account X, formerly Twitter, the former Colombian president wrote: USA. «is inaugurating -with the process to the Venezuelan-owned oil company Citgo – a dangerous form of international expropriation that seeks to invalidate their property titles in that country worth 21,000 million dollars to deliver them, without Venezuela being able to exercise its right of self-defence, to the national creditors of the company».

«Little or nothing helps this financial coup to the electoral process that is currently happening in the neighboring country. Forcing elections in the midst of sanctions is a subtle but effective way of intervening in the right of voters to vote freely without having a shotgun like this in the back of their heads», he said.

The former head of State expressed his opinion on the complaint made by Venezuela about the sale process that was authorized in that country without the intervention of the Government of Caracas.

Estados Unidos está inaugurando -con el proceso a la compañía petrolera de propiedad venezolana @CITGO–  una peligrosa forma de expropiación internacional que busca invalidar sus títulos de propiedad en USA por valor de 21.000 millones de dólares para entregarlos, sin que…

— Ernesto Samper Pizano (@ernestosamperp) June 18, 2024

The Venezuelan government said on Monday that it “reserves legal action” against anyone who participates in the “forced sale” of Citgo, its oil company in the United States in the eyes of creditors of the Caribbean country.

Citgo, a subsidiary of the state-owned Petróleos de Venezuela (PDVSA) in the United States, is the target of a sale process authorized by a court of that country before claims of creditors for expropriations and debts that exceed 20,000 million dollars.

The operation is halted, at least until August, by an order of the US government that prevents bondholders from taking control of 50.1% of the company’s shares.

Venezuela’s US-based oil subsidiary CITGO nears a final sale as 18 creditors, including Crystallex and ConocoPhillips, seek $21.3B in debts. The final decision is expected by mid-July.

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— Venezuelanalysis (@venanalysis) June 18, 2024

“Venezuela reiterates that it does not recognize and will not recognize the forced sale of Citgo, which is carried out in flagrant disregard of the economic guarantees, due process and the right to defense guaranteed by any civilized nation”said Caracas in a statement released by Vice President Delcy Rodrígudez.