British Court Hearing on Venezuela’s Gold Claim to be Held in June

SEATTLE (Scrap Monster):  A British Court announced that a hearing on the lawsuit filed against the Bank of England on returning the gold held in its vaults will be held after 22^nd June this year.

According to the court, a final decision is yet to be made on the ownership of frozen gold assets with the bank vault. Both the duelling political factions have raised claims. The court will have to decide who between President Nicolas Maduro or opposition leader Juan Guaido could represent Venezuela in the case. Major countries including Britain recognize Guaido as the country’s interim president, alleging that Maduro won the second term in an unfair manner.

Meantime, Venezuelan authorities have reportedly reached an agreement with the United Nations Development Programme, for use of a part of the gold held in UK vaults towards purchase of food, medicine and critical medical equipment in the country’s fight against the pandemic.

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The latest report indicates that Deutsche Bank AG too has filed lawsuit in connection with release of around 20 tonnes of confiscated collateral gold held with it, following missed payments by the country. The parallel government run by Guaido has demanded that the money be deposited in an account outside Maduro’s reach.