SICAD Call No. 02-2015
On August 18, 2015, the National Center of Foreign Trade (Centro Nacional de Comercio Exterior - “CENCOEX”) called for foreign currency Auction No. 02-2015 to be made through the Complementary System of Foreign Currency Administration (Sistema Complementario de Administración de Divisas - “SICAD ”), acting through the financial entities Banco del Tesoro, Banco de Venezuela, and Banco Bicentenario of the Universal Public Banking.
The persons convoked to take part in the auction are the following legal persons that are domiciled in the national territory, have been incorporated for at least twenty-four (24) months, have a record of importation in the economic sector convoked, are clients of any authorized institution of the Universal Public Banking, keep current the payment of their tax obligations, and meet the requirements established in the rules regulating SICAD:
Sector: Agricultural Machinery and Spare Parts.
Description of the Auction:
Total amount of the auction: USD. 150,000,000.00
Maximum amount per Purchase Order: 3.5% of the total amount to be awarded (USD 5,250,000.00)
Multiple per Purchase Order: USD. 1,000,00
The participants will receive an inspection in situ from CENCOEX, as a control previous to the awarding of the foreign currency, at their fiscal domicile.
The legal persons favored by the Auction must execute a Faithful Performance Contract that must be duly notarized. Likewise, they must file a sworn statement in relation to their being participants or not in other systems for acquisition of foreign currency.
On Wednesday, August 19 and Thursday, August 20, the authorized institutions of the Public Banking will activate the process of receipt of the requests for participating in the Auction. On Friday, August 21, the period for presentation of the requests will end and CENCOEX will evaluate the bids made. On Wednesday, August 26, CENCOEX will award the amounts in foreign currency to be paid and will inform the amount auctioned and the total amount awarded.
In order to access the call for Auction No. 02-2015, please click here.
“NOTE: THIS INFORMATION SHOULD NOT BE CONSTRUED AS LEGAL ADVICE ON ANY SPECIFIC MATTER AND ITS CONTENT ARE INTENDED AS A MANAGEMENT ALERT AS TO CURRENT DEVELOPMENTS IN VENEZUELA, ANY SPECIFIC LEGAL QUESTIONS REGARDING THE POSSIBLE APPLICATION OF NEW OR PROPOSED LEGISLATION TO PARTICULAR SITUATIONS SHOULD BE ADDRESSED TO TRAVIESO EVANS ARRIA RENGEL & PAZ.”