Economic incompetent Nicolas Maduro launches £800 million of gold held at BoE in London

There is no question about it. Nicolas Maduro, just like his predecessor Hugo Chavez, is a first class economic incompetent. Were it not for the fear he instils in his already brutalized citizens, he would never have gained such a powerful position as self-appointed leader of one of the world’s largest oil producing nations, Venezuela. […]

Venezuela bolivar

There is no question about it. Nicolas Maduro, just like his predecessor Hugo Chavez, is a first class economic incompetent.

Were it not for the fear he instils in his already brutalized citizens, he would never have gained such a powerful position as self-appointed leader of one of the world’s largest oil producing nations, Venezuela.

This week, the Venezuelan Central Bank, a highly corrupt entity headed by totalitarian leader Mr Maduro, has brought a case at the Court of Appeal to decide ownership of an £800 million stash of gold, which is currently being held by the Bank of England.

Banco Central de Venezuela launched the legal action earlier this year, supported by Venezuela’s disputed president Mr Maduro, to regain control of the gold. However the UK does not recognise Maduro’s authority on the matter over western-backed rival Guaido.

The bank has said if it wins its case, it will sell the gold to pay for basic goods from the United Nations Development Programme to help tackle coronavirus on the continent.

The Venezuelan Central Bank’s board solicitor Sarosh Zaiwalla said in a statement to Sky News: “This case raises a number of issues of public international law, which forbids the interference by any country in the internal affairs of another sovereign nation.

“The outcome in this case could present a further threat to the international perception of English institutions as being free from political interference, as well as the Bank of England’s reputation abroad as a safe repository for sovereign assets.

“Mr Maduro’s government remains in sole, undisputed control of Venezuela’s instruments of state and health system.”

The Venezuelan central bank has a board based in Venezuela that was appointed by Mr Maduro. however there is also another based outside the country, created and supported by Guaido.

The legal team for the Guaido-backed Banco Central de Venezuela board has argued that the UK’s decision to respect Guaido as the country’s interim leader means the gold should stay within the Bank of England.

The Bank of England has found itself caught in the crossfire between the two sides, but said it remains impartial in the matter.

Looks like the commodities market is about to show some volatility, especially when considering that gold, in the safe hands of the Bank of England is most definitely a valuable asset, upon which futures can be traded, however in the hands of Mr Maduro, who has the absolute opposite of the famous Midas touch, who knows how many days , or hours, it will take him to reduce this particular deposit of gold’s value to zero if or when he gets his hands on it.

 

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