Case No. VENEZUELA-EO13850-2021-874564-1 [Application Included]

Date issued: Jul. 18 2022

Last substantive commentary amendment:
Feb. 21 2024

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TURBOFAC Commentary (266 words)

Notes:

1) As described in the application (p. 3 et seq), the applicant Casa Express held a $43.3 judgment against Venezuela (the government of which is/was blocked pursuant to EO 13884) in connection with unpaid sovereign bonds. Casa Express sought to attach property owned by Raul Gorrin, a person designated pursuant to EO 13850, to satisfy the judgment. Casa Express argues that the property was purchased "with misappropriated Venezuelan funds," and cites OFAC's own findings in support of that proposition. According to Casa Express, the property at issue formed part of a "constructive trust is created in favor of the true owner (here, Venezuela) where misappropriated funds are traceable to real properties..." (pdf, p. 5).

OFAC response, that Casa Express was "seeking to satisfy a judgment issued against an entity designated under E.O. 13884, the GOV, by...