Gold in London bank sparks battle between Venezuelan rivals
CARACAS, Venezuela (AP) — The political battle over control of Venezuela has turned to a $1 .8 billion stack of gold bars sitting in the Bank of England’s vault in London, where a judge is expected to decide soon on who has the rightful claim to the bullion.
Venezuelan President Nicolás Maduro says he needs the gold to help his cash-starved nation fight the coronavirus pandemic. But the central bank for the United Kingdom, whose government recognizes Venezuelan opposition leader Juan Guaidó as his country’s legitimate leader, has refused to hand it over to Maduro’s socialist administration.
A ruling by Justice Nigel Teare, which is expected possibly within days, could help clarify the question of who is Venezuela’s legitimate leader — at least in the eyes of one world power, experts say.
“If Maduro is able to get his hands on this money, it weakens a significant tool that the British government has toward implementing its recognition of Guaidó,” said Michael Camilleri, a Venezuela expert at the Washington-based Inter-American Dialogue think tank. “It undermines the strength of that policy.”
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