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City of London

Bank of England $1 Billion Gold Cache Not Maduro’s, Says Judge

  • London judge ruled not to accept Venezuela court decision
  • Ruling bolsters UK decision to not recognize Maduro as leader
Updated on

Venezuela’s opposition leader Juan Guaido is one step closer to getting his hands on more than $1 billion of gold stashed away in the Bank of England’s vaults after a London judge decided not to recognize a Venezuelan court decision that President Nicolas Maduro should have it.

The long-running case has been heard by several UK courts since Maduro sued the bank for access to the bullion, claiming it was needed for a Covid-19 relief fund, according to court filings. Guaido, however, also claimed to be the man in charge of the bank, with his attorneys saying he needed the stash of gold to help future generations of Venezuelans.