Wild plan to pull gold out of Bank of England intrigues Venezuelan officials

Section:

By Patricia Laya and Ben Bartenstein
Bloomberg News
Thursday, October 10, 2019

Charles Vincent is, for all intents and purposes, a nobody in the world of global finance.

Do a basic internet search for information on him or the Geneva-based firm -- Pipaud & Partners Sarl -- that he works for and almost nothing pops up. Swing by the address that Pipaud puts on its letterhead and there are no ostensible signs of its presence there.

... Dispatch continues below ...


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And yet when Vincent showed up in Caracas in early August with a wild, almost fantastical, plan to free up some $1.5 billion worth of Venezuelan gold frozen in accounts in London, the nation's central bankers not only received him but listened with great interest.

Vincent, a U.K. national, wowed them with a strategy he devised to work around sanctions that would otherwise forbid such a transaction, according to three people who heard the proposal or were briefed on it. One of the people said central bank officials are still contemplating if they will go ahead with it. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-10-10/a-wild-plan-to-get-go...

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