Hot topics | Coronavirus pandemic

Venezuela Sued The Bank Of England To Return $1 Billion In Gold

Venezuela Sued The Bank Of England To Return $1 Billion In Gold

The Central Bank of Venezuela filed a lawsuit in a London court against the Bank of England in order to return gold bars stored there worth more than $1 billion to finance the fight against the coronavirus epidemic, according to Reuters, citing court documents.

According to Reuters, in April, Caracas already sent a request to the Bank of England, hoping to return some of the gold bars stored there and sell them. The documents reviewed by the Agency say that the Venezuelan authorities want to transfer the proceeds to the UN Development Program to receive assistance from the organization in the fight against coronavirus: medicines, medical equipment, and food.

The Bank of England stores Venezuelan gold bars with a total weight of 31 tons. The Venezuelan government has repeatedly tried to return some of the gold but was refused by the Bank. For example, in 2018, the Bank of England refused to return gold bars worth £420 million (almost $550 million) to Venezuela because of fears that the President of the Bolivarian Republic, Nicolas Maduro, might "seize gold that belongs to the state" and use it for personal interests.

You may also like: