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  1. #1
    Hangin' Around cyrille's Avatar
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    London Court Decides The Fate Of $1bn In Venezuelan Gold

    Fate of $1bn in Venezuelan gold hangs in balance at high court | Venezuela | The Guardian

    Who does Britain recognise as president of Venezuela: disputed incumbent Nicolás Maduro or his western-backed rival, Juan Guaidó? And why is this question so important to the Bank of England?


    Over the course of the next four days, the high court in London will have to decide.


    In an extraordinary case that will have profound economic, political and social consequences for the impoverished South American country, the Banco Central de Venezuela (BCV) is seeking an order that would force the BoE to release $1bn of its gold.


    The BCV, which has deposited about $1.8bn of gold with the BoE for safekeeping, now says it wants the lion’s share to be sold and the funds transferred directly to the UN development programme to combat the country’s Covid-19 pandemic.

    But the BoE has questioned whether Venezuela’s current officials have the authority to make such a request.


    Its refusal to grant the demand follows interventions by Guaidó, who has appointed his own alternative ad hoc BCV board of directors.


    Lawyers acting for the ad hoc board insist it is not up to the BCV to decide how the money from the gold sell-off should be spent. That decision, they say, lies in the hands of the country’s legislature.


    The BoE has been portrayed as a lackey of US foreign policy by the BCV’s lawyers in the run-up to the case.


    “This is a humanitarian emergency,” said Sarosh Zaiwalla, who is representing the Venezuelan bank. “The Bank of England’s continued intransigence is putting lives at risk.”

    He added: “Venezuela has been denied access to its resources during an international crisis. In effect, the nation’s gold reserves in the BoE are being held hostage to political factors dictated by the foreign policy of the United States and certain of its allies.”


    But lawyers for Guaidó’s ad hoc committee question the haste with which the BCV is attempting to resolve the matter.


    In a submission obtained by the Observer, they claim that “the most basic information such as whether the Maduro board has a buyer lined up for the gold has yet to be clarified. The timeframe to resolve the operational issues remains unclear.”


    The BCV’s representatives will argue that the UK government has not formally recognised Guaidó as either head of state or head of the government in Venezuela.

    However, in February 2019 the then foreign secretary, Jeremy Hunt, stated that the UK recognised Guaidó as a constitutional interim president.


    Maduro still controls Venezuela’s ministries, courts and armed forces. Guaidó is backed by Washington and more than 50 other countries.


    The high court ruling, expected before the end of July, could help determine who controls an estimated $5bn of Venezuelan funds frozen in foreign bank accounts.

  2. #2
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    ^At the current "rosy" situation of the UK economy? What will be the decision? That's really a thrilling suspense...

  3. #3
    Thailand Expat harrybarracuda's Avatar
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    In an extraordinary case that will have profound economic, political and social consequences for the impoverished South American country
    And profound economic benefits for the Chavismo family....

  4. #4
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    Quote Originally Posted by harrybarracuda View Post
    And profound economic benefits for the Chavismo family....
    Wondering why always the leaders of the "unfriendly" - or even the "foes of the democratic countries" - can enrich themselves so easily, unlike the leaders of the democratic states who are mostly living without any "profound economic benefits", so humbly poor.

    Or when these fair leaders being enriched a little bit then only by the lifetime hard work for their subjects in order to rise them out of the poverty and their homelessness... (e.g. as an special adviser, expert, for foreign crude extraction on the other end of the world...)

  5. #5
    ความรู้ลึกลับ HuangLao's Avatar
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    Extensions of the empires.

  6. #6
    fcuked off SKkin's Avatar
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    Why does the BOE have the Venezulean gold in the first place?


  7. #7
    Hangin' Around cyrille's Avatar
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    In an extraordinary case that will have profound economic, political and social consequences for the impoverished South American country, the Banco Central de Venezuela (BCV) is seeking an order that would force the BoE to release $1bn of its gold.


    The BCV, which has deposited about $1.8bn of gold with the BoE for safekeeping, now says it wants the lion’s share to be sold and the funds transferred directly to the UN development programme to combat the country’s Covid-19 pandemic.
    .....

  8. #8
    fcuked off SKkin's Avatar
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    Seems to me it's not very safe if you can't get it back when needed.

    Haven't other countries also had troubles reclaiming their gold from BOE in the past? Don't think it's just Venezuela.

    If I remember correctly, the US Fed was considered a gold "safekeeper" at one time.

  9. #9
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    There is a century long history of "safe keeping" of many countries at the BOE...

  10. #10
    Its all gleaming
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    They should have stuck it in Switzerland - those fuks have been laundering for despots, genocidal nutters and drug runners for the last century and beyond. The UK doesn't play by those rules....now.

  11. #11
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    Quote Originally Posted by SKkin View Post
    Haven't other countries also had troubles reclaiming their gold from BOE in the past? Don't think it's just Venezuela.
    Not just the BOE either, ameristan has previous in making withdrawals difficult. The French had to send warships for theirs.

  12. #12
    Thailand Expat
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    Haven't we bet on the results? (so easy - and clever - is the solution...)

    Venezuela gold: UK High Court rules against Nicolás Maduro
    2 July 2020

    The UK High Court has ruled against Venezuela's government in a legal battle over access to $1bn (£820m) of gold stored in the Bank of England.

    It said the UK had "unequivocally recognised opposition leader Juan Guaidó as president", rather than President Nicolás Maduro.

    The ruling comes after the government launched legal action against the bank to try to force it to release the gold.

    It is a severe blow to Mr Maduro's cash-strapped administration.

    Lawyers for the Maduro-controlled Venezuelan Central Bank, which brought the case, said they would appeal against the judgement.

    The gold is being retained by the Bank of England (BoE) following British and US sanctions on Mr Maduro's government.

    Venezuela gold: UK High Court rules against Nicolas Maduro - BBC News

  13. #13
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    Bank of England/The UK High Court eh,

    One way to attract countries storage of their gold, in their strongrooms?

  14. #14
    Thailand Expat harrybarracuda's Avatar
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    Quote Originally Posted by OhOh View Post
    Bank of England/The UK High Court eh,

    One way to attract countries storage of their gold, in their strongrooms?
    Quite decent of them to ensure that it doesn't go straight into the Chavismo family's go bag.

  15. #15
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    Who needs to plan a Great Train Robbery? Just proclaim yourself being a president (recognized around the world...)

  16. #16
    Thailand Expat lom's Avatar
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    Quote Originally Posted by harrybarracuda View Post
    Quite decent of them to ensure that it doesn't go straight into the Chavismo family's go bag.
    It is far from decent, Britain is saying that government x which we like can have the gold back but government y which we don't like won't get it.
    This is dictating what kind of government Venezuela should have, it is interfering in the business of a sovereign state.
    May the bridges I burn light my way

    There is no plan for no deal because we're going to get a great deal - Boris Johnson in HoC 11 July 2017

  17. #17
    The Dentist English Noodles's Avatar
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    Quote Originally Posted by lom View Post
    It is far from decent, Britain is saying that government x which we like can have the gold back but government y which we don't like won't get it.
    This is dictating what kind of government Venezuela should have, it is interfering in the business of a sovereign state.
    He's a drug trafficking narco-terrorist who is responsible for over 4 million Venezuelans being forced to flee the country and over 9000 people being subject to extrajudicial killings, and that's just for starters.

    Decent? Fuck me you really are stupid....



  18. #18
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    Quote Originally Posted by harrybarracuda View Post
    Quite decent of them to ensure that it doesn't go straight into the Chavismo family's go bag.
    How decent of them, but at the end of the day, perhaps the "Chavismo family" would leave something for poor people's Food Stamps as is being left in (please no names here)...

  19. #19
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    Quote Originally Posted by English Noodles View Post
    He's a drug trafficking narco-terrorist who is responsible for over 4 million xxxxx being forced to flee the country and over 9000 people being subject to extrajudicial killings, and that's just for starters.
    There appears to be many "highly respected" countries "leaders", who could be similarly be accused of being responsible of one or more from your list:

    1. drug trafficking
    2. terrorist
    3. million xxxxx being forced to flee the country
    4. people being subject to extrajudicial killings


    But the scene is set.

    Anybody, private, commercial or government, with gold or other assets in the UK. May want to mitigate themselves being similarly dispossessed.
    Last edited by OhOh; 04-07-2020 at 11:31 AM.
    A tray full of GOLD is not worth a moment in time.

  20. #20
    Hangin' Around cyrille's Avatar
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    Quote Originally Posted by OhOh View Post
    Anybody, private, commercial or government, with gold or other assets in the UK. May want to mitigate themselves being similarly dispossessed.
    What a tragic loss of grubby money that would be to the City of London.

    Doubtless there's a dubious ex-USSR satellite to which the ill-gotten gains can be diverted.

    They should check with Roman Abramovic.

  21. #21
    Thailand Expat harrybarracuda's Avatar
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    Quote Originally Posted by cyrille View Post
    What a tragic loss of grubby money that would be to the City of London.

    Doubtless there's a dubious ex-USSR satellite to which the ill-gotten gains can be diverted.

    They should check with Roman Abramovic.
    Maybe you missed Roman doing a runner and taking his filthy lucre to Jooland where they can't touch it.

    It seems the joos don't have Unexplained Wealth Orders.

  22. #22
    Hangin' Around cyrille's Avatar
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    No I didn't miss it...but do you know that he took all of his money with him?

    I doubt it.

  23. #23
    Thailand Expat harrybarracuda's Avatar
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    Quote Originally Posted by cyrille View Post
    No I didn't miss it...but do you know that he took all of his money with him?

    I doubt it.
    I doubt it was reported (what bank is going to announce it?), but if anyone has unexplained wealth it's that fucking scumbag.

    And that's why he legged it as soon as he got his Jooooo passport for sure.

    He's already bought the most expensive house in Jooland.

  24. #24
    Hangin' Around cyrille's Avatar
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    Quote Originally Posted by harrybarracuda View Post
    if anyone has unexplained wealth it's that fucking scumbag.
    Sure.

    Quote Originally Posted by harrybarracuda View Post
    And that's why he legged it as soon as he got his Jooooo passport for sure.
    He emigrated to Israel because he couldn't get his usual visa for the UK after the Skripal outrage.


    Quote Originally Posted by harrybarracuda View Post
    He's already bought the most expensive house in Jooland.
    No evidence that he's moved his serious funds (about $15 billion) there, though.

    Basically, who knows.

  25. #25
    The Dentist English Noodles's Avatar
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    Quote Originally Posted by harrybarracuda View Post
    Jooland
    Quote Originally Posted by harrybarracuda View Post
    the joos
    Quote Originally Posted by harrybarracuda View Post
    Jooooo passpor
    Quote Originally Posted by harrybarracuda View Post
    in Jooland
    Are you an antisemite by any chance?

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