Venezuela’s battle to keep prized Citgo hits US courts
CARACAS, Venezuela – Venezuela’s opposition led by Juan Guaidó is taking its fight to keep control of its prized Citgo refineries to the U.S. courts.
An opposition-appointed board filed its case Tuesday trying to block bondholders from foreclosing on Citgo. Its loss would be a political blow to Guaidó’s bid to oust Maduro.
Guaidó’s team argues Maduro in 2016 put Citgo up as collateral for a debt without the opposition-controlled National Assembly’s approval — making it null.
The Trump administration temporarily shielded Venezuela from losing Citgo upon missing a $913 million debt payment Monday.
Citgo is the nation’s most valuable foreign asset.
Maduro’s government lost control it after the Trump administration recognized Guaidó as Venezuela’s legitimate president.
The lawsuit is filed in the Southern District Court of New York.
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