OFAC Alert

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On March 19, 2019, the Office of Foreign Assets Control (“OFAC”) designated CVG Compania General de Mineria de Venezuela CA, or Minerve, the Venezuelan state-run ferrous metals mining company, and its president, Adrian Antonio Perdomo Mata pursuant to Executive Order 13850 issued on November 1, 2018 by President Donald J. Trump. This executive order authorizes OFAC to designate, in consultation with the Secretary of State, any person operating in the gold sector of the Venezuelan economy or in any other sector of the Venezuelan economy.
Accordingly, all property or interest in property of Minerve and Mr. Perdomo within or transiting U.S. jurisdiction has been blocked. Additionally, U.S. persons are prohibited from engaging in transactions with them or with entities in which they have, directly or indirectly, 50% or greater ownership interest.