Zaiwalla & Co acts for the
Central Bank of Venezuela
in the litigation over its gold
Its gold reserves are held at the Bank of England, around 31 tonnes valued in the proceedings at about US$1.95 billion, and in the claim relating to the US$120 million proceeds of a gold swap transaction with Deutsche Bank. Both matters have been to the Supreme Court and the Court of Appeal.
We are a City of London firm practising the law of England and Wales, and we act for Latin American companies, banks, state entities and individuals in the English courts and in London arbitration. Our team includes Spanish and Portuguese speakers and a dual-qualified Peruvian and English lawyer, so contracts, pleadings and witness evidence can be worked on in the original language.
How was our Latin America
practice built?
Latin American state shipping lines and exporters contracted on English law terms, and cargo, charterparty and demurrage disputes came to London. We acted for Compania Anonima Venezolana de Navegacion, the Venezuelan state line, in maritime disputes including proceedings before the English courts, and that relationship led into the wider commercial and banking work we do across the region.
The practice now covers commercial litigation and arbitration for Latin American parties, and marine and international trade disputes arising from commodity flows out of Brazil, Argentina, Peru, Chile, Colombia and Venezuela. Our lawyers act in litigation, arbitration and regulatory proceedings involving Latin American parties and laws.
Our expertise
We act for Latin American public and private sector clients, and for international companies with Latin American exposure, in the Commercial Court, the Court of Appeal and the Supreme Court, and in LCIA, LMAA, ICC and ICSID proceedings. Our regional work includes:
Commercial litigation
Commercial litigation before the English courts where the contract or the assets have an English connection
London arbitration
London arbitration under LCIA, LMAA, ICC and GAFTA rules, and challenges to awards under the Arbitration Act 1996
Maritime disputes
State immunity and act of state arguments, and questions of recognition of foreign governments and their organs
State immunity and act of state arguments
State immunity and act of state arguments, and questions of recognition of foreign governments and their organs
Central bank, sovereign asset and reserve disputes
Central bank, sovereign asset and reserve disputes, including custody and release of assets held in London
Sanctions and trade controls advice
Sanctions and trade controls advice under the Venezuela (Sanctions) (EU Exit) Regulations 2019 and the United States programmes
Enforcement of awards and judgments
Enforcement of awards and judgments against assets in England and Wales, and resisting enforcement
Freezing injunctions
Freezing injunctions, receivership applications and asset tracing
Energy, mining and commodities
Energy, mining and commodities contract disputes, including offtake and supply agreements
Investment treaty claims
Investment treaty claims and public international law advice for investors and state entities
Former and ongoing work
We acted for the Maduro Board and Compania Anonima Venezolana de Navegacion
InMaduro Board of the Central Bank of Venezuela v Guaidó Board of the Central Bank of Venezuela [2021] UKSC 57, the Supreme Court was asked to rule whether the UK Government had recognised Interim President Guaido as Head of State of Venezuela and, if so, whether any challenge to the validity of Mr Guaido’s appointments to the Board of the Central Bank of Venezuela is justiciable in an English court. We acted for the Maduro Board.
We also acted for Compania Anonima Venezolana de Navegacion in maritime proceedings before the English courts, including The Roachbank, a charterparty dispute reported at [1987] 2 Lloyd’s Rep 498 and on appeal at [1988] 2 Lloyd’s Rep 337.
Speak to our team
Latin American clients move matters to us from larger competitors, because we provide the quality of service expected of a City firm at considerably lower rates. Phone +44 20 7312 1000 or email info@zaiwalla.co.uk.
Frequently asked questions
Can you litigate on Spanish language documents?
Yes. Proceedings in England and Wales are conducted in English, and foreign language documents are put before the court in certified translation, with the original exhibited alongside. Witnesses give evidence through an interpreter where needed. Having Spanish and Portuguese speakers on the legal team reduces cost and error, because the lawyers reviewing disclosure read the documents as written rather than waiting for translations.
Can a foreign central bank sue in England?
Yes, and it can be sued, subject to the State Immunity Act 1978. A central bank is usually a separate entity from the state, so it sues and is sued in its own name, and section 14(4) of the 1978 Act gives the property of a state’s central bank particular protection from execution. Who is entitled to give instructions on its behalf can itself become the dispute, as the Venezuelan litigation shows.
Where are the gold swap proceeds held?
With receivers appointed by the English court. The approximately US$120 million representing the proceeds of the Deutsche Bank gold swap is held by court-appointed receivers under section 44 of the Arbitration Act 1996, which allows the court to make orders in support of arbitral proceedings, pending the outcome of an LCIA arbitration. The money has not been paid out to either side.
Can you challenge a Venezuela sanctions designation?
Yes. The Venezuela (Sanctions) (EU Exit) Regulations 2019 impose the United Kingdom measures, and a designated person may ask the Secretary of State to revoke or vary the designation and then apply to the High Court for a court review under the Sanctions and Anti-Money Laundering Act 2018. United States designations follow a separate delisting process before the Office of Foreign Assets Control, and both routes are often run at once.
Does a US executive order bind England?
No. An English court applies English law and the United Kingdom sanctions regime, and a United States executive order has no direct effect on proceedings here, though it can affect banks, custodians and counterparties in the payment chain. The executive order made on 9th January 2026 concerning Venezuelan foreign government deposit funds operates on process in United States courts, so its practical reach depends on where the asset sits.
How much Venezuelan gold is in dispute?
Around 31 tonnes, valued in the proceedings at about US$1.95 billion. Figures of US$1.8 billion and US$2.1 billion have appeared in reporting at different gold prices, and a figure of four tonnes sometimes quoted is wrong by a wide margin. The gold is held at the Bank of England, and the litigation concerns who is entitled to give instructions in respect of it rather than its ownership.
What is your next step?
Send us the contract, the correspondence and details of where the assets are held, by email to info@zaiwalla.co.uk or by telephone on +44 20 7312 1000. We will tell you whether the English court has jurisdiction, whether state or central bank immunity is in play, and what interim protection is available to hold the position.