UK Court Denies Venezuelan President Nicolas Maduro Access To $1.45 Billion In Gold

Maduro had earlier demanded the return of the gold to help his cash-strapped nation.

Neel Raju Nalawade

July 3, 2020

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A judge in the United Kingdom has ruled against Venezuelan President Nicolas Maduro in the case involving $1.45 billion worth of the country’s gold that’s stored in the Bank of England. The court has taken the decision on the basis of the fact that the UK government does not recognize Maduro as the President of the Latin American nation.

Amidst the political turmoil that’s going on in Venezuela, a large number of countries from the around the world have started recognizing opposition leader Juan Guaido as the country’s legitimate leader. Guaido has actually sought to keep the gold stash in the Bank of England so that it does not fall into the hands of Maduro government, which he claims is corrupt.

The Bank of England offers gold custodian services to a number of developing nations. Since 2018, it has been holding the transfer of Venezuela’s gold citing the political situation in the country. Sanctions issued against Venezuela by the US, coupled with the COVID-19 outbreak are the main reasons why the government wishes to sell the gold.

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