Venezuela insisted Wednesday that a disputed mineral-rich region of Guyana was “fraudulently” taken in a 19th-century example of colonialism, arguing that a 1966 agreement and not the United Nations' highest court should finalize ownership of the territory. The International Court of Justice is holding a week of hearings between the South American neighbors who both lay claim to the Essequibo region, which is rich in gold, diamonds, timber and other natural resources and is located close to massive offshore oil deposits. An 1899 decision by arbitrators from Britain , Russia and the United States drew the border along the Essequibo River largely in favor of Guyana. The U.S. represented Venezuela in part because the Venezuelan government had broken off diplomatic relations with Britain. Venezuela contends the Americans and Europeans conspired to cheat the country out of its rightfully owned land.…