Politics

Venezuela files claim to force BoE to transfer gold

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Venezuela’s central bank has made a legal claim to try to force the Bank of England to hand over €930 million ($1.02 billion) of gold, so President Nicolas Maduro’s government can fund its coronavirus response, according to the document submitted in a London court.

Report informs, referring to Reuters, the claim, submitted in a commercial court and dated May 14, says the Venezuelan central bank “seeks an order requiring BoE to comply with the proposed instruction.” The funds, once transferred to the United Nations Development Programme, would be used to buy healthcare equipment, medicine, and food to address Venezuela’s “COVID-19 emergency,” the document seen by Reuters said.

The claim follows a request Venezuela made to the Bank of England in April to sell part of its gold reserves there and send the proceeds to the United Nations to help with the country’s coronavirus-fighting efforts.

The Bank of England declined to comment on the claim. The Venezuelan central bank did not respond to a request to comment.

Since 2018, the Bank of England has delayed the transfer of 31 tonnes of Venezuelan gold stored there to Maduro, whom Britain does not recognize as the country’s legitimate leader. The bank offers gold custodian services to many developing nations.

To date, 749 people have been infected with the coronavirus, of which 10 people have died.

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