Venezuela Launches Legal Claim for Gold Retained by Bank of England

SEATTLE (Scrap Monster): Venezuela has launched a legal claim in commercial court to force Bank of England to sell 31 tonnes of the country’s gold worth nearly $1 billion held by the bank. The Bank has been retaining the gold further to sanctions imposed on the country by the UK and U.S.

The claim calls for urgent intervention in forcing the bank to liquidate the gold holdings and transfer the money to the United Nations Development Programme (UNDP), which is working with the country to help the Venezuelan government in fighting the spread of the coronavirus epidemic.

The suit, filed by London law firm Zaiwalla & Co., the delay in action by the bank is critically hampering the efforts by the country and the UN agency in combating Covid-19. The ongoing threats in connection with the oil price collapse and U.S. economic sanctions have been further exacerbated by pandemic impacts. By not releasing the gold reserves, the Bank of England puts thousands of lives at risk, it said.

The Venezuelan government has only a few options left to raise funds to boost the economy, which is already in peril.

Meantime, the Bank of England refused to comment on the claim by the Venezuelan authorities.

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