Battle for Venezuelan Gold Starts at U.K.’s Top Court
- Supreme Court to decide fate of gold worth $1 billion in U.K.
- U.K. says it recognizes opposition figure Guaido as leader
The Bank of England in London.
Photographer: Simon Dawson/Bloomberg
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The question of who controls more than $1 billion of Venezuelan gold stored in the Bank of England’s vaults, took another twist after the British government said that it continues to recognize the leadership of opposition figure Juan Guaido.
A U.K. Supreme Court hearing that started Monday will decide whether the BOE must release the bullion to the Venezuelan central bank, controlled by the government of Nicolas Maduro. The long-running legal battle has reached the top court after judges questioned whether the U.K.’s previous recognition of Guaido was clear and ignored Maduro’s effective control in Caracas.