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Venezuela Initiates Suit To Force $1.02bn Out Of Bank Of England

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Venezuela has through its Central Bank initiated a legal case against the Bank of England.

Through the legal process, Venezuela is hoping to get the Bank of England to release £830m ($1.02bn) of its gold it holds.

Reports say Venezuela, which has been experiencing economic crisis over the past few years, has submitted a document in a London Court.

According to reports, the submission of the document follows a request Caracas made to the Bank of England in April this year to sell part of its gold reserves there and send the proceeds to the United Nations.

The document is said to have been submitted in a commercial court and dated May 14, 2020, claiming that the Venezuelan central bank “seeks an order requiring BoE to comply with the proposed instruction”.

Venezuela is hoping to use the gold to raise cash to fund its coronavirus response, amid US sanctions, according to reports.

Venezuelan President Nicolas Maduro

People queue for food from a charity in a slum in Caracas, Venezuela, where the poverty-stricken country's economy has been crippled further by COVID-19

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