Venezuela must determine which assets can be returned and under what conditions those assets are in.

The Venezuelan government seeks to return assets that were expropriated as a sign of trust to attract foreign private investment, after many years in which company facilities and land were transferred to the State.

As reported by Bloomberg Línea, this action occurs when there is a rapprochement between the Caribbean nation and the United States, so that there is greater economic openness in Venezuela and private capital can reach the country.

The Venezuelan authorities must determine which assets can be returned, what condition they are in after being managed by the Government, and who their owners are.

Commission member for the Evaluation of Public Assets, Luigi Pisella, has specified on several occasions that returning some expropriated assets is a way to generate trust among investors.

In July of this year, Pisella said that the return of certain properties should be expedited, in order to show that Venezuela’s economic recovery is «sustainable» and thus attract more investment.

Complete inventory

Ana María Carrasquero, coordinator of Cedice Libertad, told the international media that there are 1,757 records of infringements of the right to property, of which 654 are classified as expropriations or forced acquisitions, while more than 1,100 correspond to other modalities.

«Today, it cannot be stated responsibly that there is a complete inventory of all assets that can be restored in Venezuela,» he said, adding that they have drawn up a Draft Bill on the Return of Property.

He also pointed out that «an unproductive asset is not necessarily an asset that is easy to return. The decisive variable is the traceability of rights».

For his part, economist Jorge Piedrahita said that a company that has been expropriated in very few cases can be turned into an investment opportunity, since the accumulated deterioration that the asset might have would cause «an almost total loss of value».

«To return the assets without being accompanied by legal certainty and respect for private property codified in the country’s body of laws would not have a significant effect on the perception of the extremely high risk that Venezuela faces today,» he said.

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