ANNOUNCEMENT 16 Sep 2011In September 2011, the government of Venezuela announced altered domestic business conditions for foreign investors.
NUMBER OF INTERVENTIONS
Gaceta Oficial de la Rep?blica Bolivariana de Venezuela. September 16th 2011; p.388.192
Presidency of Venezuela. (2011). Presidente dio luz verde para traslado del oro venezolano en el exterior al BCV. Available at http://www.presidencia.gob.ve/action/noticia/view_ver_mas?id_noticia_web=6050
National Assembly of Venezuela. (2011). Law 8413. Available at http://www.asambleanacional.gob.ve/index.php?option=com_docman&task=doc_view&gid=3498&tmpl=component&format=raw&Itemid=185&lang=es
RNV. (2011). Decreto 8413 reserva al Estado actividades sobre la explotaci?n del oro. Available at http://www.rnv.gov.ve/noticias/?act=ST&f=2&t=164405
RNV. (2011). Declarada Ley Org?nica que Reserva al Estado las Actividades del Oro. Available at http://www.rnv.gob.ve/noticias/index.php?act=ST&f=2&t=164386
El Nacional. (2011). Ch?vez firma decreto que nacionaliza el oro en Venezuela. Available at http://www.el-nacional.com/www/site/p_contenido.php?q=nodo/231429/Econom%C3%ADa/Ch%C3%A1vez-firma-decreto-que-nacionaliza-el-oro-en-Venezuela
On 18 August 2011, the Presidency of Venezuela announced its intention to expropriate the domestic gold industry. The Venezuelan President Hugo Chavez has signed the necessary decree on 23 August 2011. The latter was published on the Official Gazette of September 16th 2011.
According to the law, all future extraction of gold reserves shall be reserved to government enterprises. Private companies currently operating in this business shall be converted into mixed enterprises of which the government holds at least 55 percent.
Future sale or purchase of gold is the sole responsibility of the government and its entities. Besides, the government is entitled to 13 percent of all revenues associated with gold extraction.
Furthermore, gold reserves that belong to Venezuelan persons shall be repatriated if currently stored outside the Bolivarian Repulic.