On May 26, 2014, the National Center of Foreign Trade (Centro Nacional de Comercio Exterior – “CENCOEX”) called for foreign currency Auction No. E13-2014 to be made through the Complementary System of Foreign Currency Administration (Sistema Complementario de Administración de Divisas - “SICAD”) acting through the Venezuelan Corporation of Foreign Trade (Corporación Venezolana de Comercio Exterior – CORPOVEX). The persons convoked to take part in the Auction are the following legal persons that have been incorporated for at least forty-eight (48) months, meet the requirements established in the rules regulating the SICAD, and are domiciled in the national territory:
Legal persons of the Vehicle Body Sector.
Legal persons of the Machinery and Equipment Sector: Assembly material for agricultural machinery.
Description of the Auction:
Total amount of the Auction: USD. 220,000,000.00.
Minimum amount per purchase order: USD 5,000.00.
Maximum amount per purchase order: Variable.
Multiple per purchase order: USD. 1,000.00.
The call establishes that it has a special nature. In this connection, the purchase orders are to be processed exclusively through CORPOVEX. Likewise, the call imposes on the legal persons favored by the Auction the obligation to execute a Faithful Performance Contract for Exchange Transactions. It also states that the legal persons that have an Authorization for Acquisition of Foreign Currency (“AAD”) or an Authorization for Payment of Foreign Currency (“ALD”) issued by the Foreign Currency Administration Commission (Comisión de Administración de Divisas - “CADIVI”) may participate in the Auction.
The receipt of purchase orders began on Tuesday May 27, at 9:00 a.m. and will end on Thursday, June 5, at 5:30 p.m. On Friday, June 6, CENCOEX will inform the amount auctioned and the total amount awarded. The process will be completed on Monday, June 9, date on which the amounts awarded will be paid.
In order to access the call for Auction No. E13-2014, 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.”