Venezuela's rival leaders in legal battle to determine fate of over $1 billion gold reserves
Venezuela's central bank, controlled by President Nicolas Maduro, is seeking an order to force the Bank of England to hand over the lion share of the country's gold reserves.
President of Venezuela Nicolas Maduro speaks during a press conference at Miraflores Government Palace on March 12, 2020 in Caracas, Venezuela.Venezuela's rival leaders are locked in a legal battle to determine the fate of over $1 billion of gold reserves stored in the vaults of theThe hearing, which began in London on Monday and is expected to last four days, represents an extraordinary case for the crisis-stricken South American country.
However, National Assembly leader Juan Guaido believes the bullion should be under his control since the U.K. government, alongside approximately 60 other world leaders, recognizes him as the rightful interim president of Venezuela. Venezuela's central bank filed the claim in a commercial court on May 14, saying the money would be used to administer the purchase of food and medical supplies in order to fight the coronavirus outbreak.
Venezuelan opposition leader Juan Guaido addresses the World Economic Forum annual meeting in Davos, on January 23, 2020."Maduro claims they want to use it as humanitarian aid to deal with Covid-19. That is highly unlikely to happen in part because the U.K.
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