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Weekly Report - 16 September 2021 (WR-21-37)

VENEZUELA: Opposition moots trust fund for seized foreign assets

The 6 September announcement by Colombia’s business regulator (SSC) that it will begin overseeing operations at Venezuelan state-owned fertiliser producer Monómeros Colombo Venezolanos has triggered a furious response from President Nicolás Maduro’s government. Opposition leader Juan Guaidó – who Colombia recognises as Venezuela’s president – appointed the executive board of Colombia-based Monómeros in 2019. The SSC’s move to secure control over the financially struggling company has fuelled the Maduro administration’s claims that the opposition is orchestrating a heist of Venezuela’s foreign assets. In an attempt to defuse these concerns, the opposition is now considering placing Venezuela’s frozen assets in a trust fund, but faces stiff opposition from the government.

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