Leigh Crestohl comments on BCV's claim against the Bank of England to access circa. £1.4bn of Venezuelan gold in City A.M.

June 21 2021

Read the full article in City A.M. here

In a case that is set to determine the fate of almost £1.4bn of Venezuelan gold deposited in the Bank of England, UK’s Foreign Secretary Dominic Raab has been granted permission to intervene at the Supreme Court during a hearing scheduled in July 2021.

The BCV, represented by London litigation boutique Zaiwalla & Co, had filed a claim in May 2020 against the Bank of England in order to access part of the approximately £1.4bn of Venezuelan gold deposited in London.

The BCV wants to sell around €1bn of those foreign reserves so that the proceeds can be transferred to the United Nations Development Programme to procure humanitarian aid, medicine and equipment needed to fight the Covid-19 pandemic in Venezuela, the Venezuelan government has said.

“This case encompasses many vital questions of public policy, and our client looks forward to the Supreme Court resolving these. All three levels of court have been understanding of the urgency and importance of this case, and expedited proceedings,” said Leigh Crestohl, partner at Zaiwalla & Co, acting for the Banco Central de Venezuela.

By the time the Supreme Court hearing occurs, it will be 14 months since BCV was compelled to start these proceedings to access its gold reserves for the benefit of the Venezuelan population during a global pandemic,” he added.

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