Lo Stato venezuelano ha a più riprese dichiarato di aver già provveduto ad effettuare i versamenti necessari per il pagamento degli interessi e del capitale in relazione ai propri titoli obbligazionari e a quelli delle società in mano pubblica (es. PDVSA).
Tuttavia, i fondi non sono stati mai versati ai risparmiatori.
Molteplici fonti accreditate riferiscono che gli importi trasferiti dal Venezuela si trovino bloccati nei conti di Euroclear, Clearstream, Bank of England, nonché numerosi altri istituti di credito europei e statunitensi (vedasi, fra molte, https://www.ilsole24ore.com/art/il-puzzle-venezuela-debiti-onorati-ma-congelati-AEjsumJD). A nostro parere, tale operatività contrasta con gli obblighi contratti Euroclear e Clearstream, come indicati nei prospetti delle emissioni obbligazionarie.
Si fa riferimento, in via esemplificativa, alle seguenti indicazioni contenute nel Prospetto del titolo n. ISIN USP7807HAM71 di Petròleos de Venezuela S.A., come ulteriormente specificate nell’Indenture:
“The Notes will be issued in the form of one or more global notes without coupons, registered in the name of a nominee of DTC, as depositary, for the accounts of its participants including Euroclear and Clearstream.”
“The Regulation S Global Note will be deposited upon issuance with, or on behalf of, a custodian for DTC in the manner described in the preceding paragraph for credit to the respective accounts of the purchasers, or to such other accounts as they may direct, at Euroclear Bank S.A./N.V., as operator of the Euroclear System (“Euroclear”) or Clearstream Banking, société anonyme (“Clearstream”) as participants in DTC.
Investors will hold their interests in the Regulation S Global Notes through Euroclear or Clearstream, if they are participants in either such system, or directly through organizations that are participants therein. Euroclear and Clearstream will hold interests in the Regulation S Global Notes on behalf of their participants through clients’ securities accounts in their respective names in the books of their respective depositaries. Such depositaries, in turn, will hold such interests in the Regulation S Global Note in customers’ securities accounts in the depositaries’ names on the books of DTC.”
“Except as provided below, owners of beneficial interests in respect of a global note will not be entitled to have Notes represented by such global note registered in their names, will not receive or be entitled to receive physical delivery of certificated Notes, and will not be considered the owners or holders thereof under the Indenture for any purpose, including with respect to the giving of any direction, instruction or approval to the Trustee or the Principal Paying Agent thereunder. Accordingly, each holder owning a beneficial interest in respect of a global note must rely on the procedures of DTC and, if such holder is not a participant or an indirect participant, on the procedures of the participant through which such holder owns its interest, to exercise any rights of a holder of Notes under the Indenture or such global note.”
“Payments of principal and interest under each global note will be made to DTC’s nominee [Depository Trust Company, n.d.r.] as the registered owner of such global note. PDVSA expects that the nominee, upon receipt of any such payment, will immediately credit DTC participants’ accounts with payments proportional to their respective beneficial interests in the principal amount of the relevant global note as shown on the records of DTC. PDVSA also expects that payments by DTC participants to owners of beneficial interests will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers registered in the names of nominees for such customers. Such payments will be the responsibility of such participants, and none of PDVSA, the Trustee, the Principal Paying Agent, the custodian or any paying agent or registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial interests in any global note or for maintaining or reviewing any records relating to such beneficial interests.”
“The Indenture will require that payments in respect of the Notes represented by the global notes be made by wire transfer of immediately available funds to the accounts specified by holders of the global notes. With respect to Notes in certificated form, PDVSA will make all payments by wire transfer of immediately available funds to the accounts specified by the holders thereof or, if no such account is specified, by mailing a check to each holder’s registered address.
The Notes represented by the global notes are expected to be eligible to trade in DTC’s Same-Day Funds Settlement System, and any permitted secondary market trading activity in such Notes will, therefore, be required by DTC to be settled in immediately available funds. PDVSA expects that secondary trading in any certificated notes will also be settled in immediately available funds.”
Poste tali indicazioni, le quali ricorrono in tutte le emissioni obbligazionarie da noi visionate, riteniamo che Euroclear e Clearstream siano obbligate a garantire il trasferimento dei fondi depositati dal Venezuela alle Banche e, quindi, indirettamente ai risparmiatori. Riteniamo, quindi, di poter agire nei confronti di Euroclear e Clerstram al fine di far accertare il loro inadempimento agli obblighi previsti dall’Indenture e costringerli a versare le somme trattenute direttamente ai risparmiatori.
Per maggiori informazioni su questa iniziativa Vi invitiamo a scriverci all’indirizzo info@santalex.eu.
- info@santalex.eu
