Citigroup Inc. has settled a Venezuela gold swap transaction
and plans to sell the metal it received as collateral while also depositing
about $260 million into a U.S. account formerly controlled by President Nicolas
Maduro’s central bank, according to four people with direct knowledge of the
matter. After Venezuela’s Central Bank missed a March 11 deadline to buy back
gold from Citigroup for nearly $1.1 billion as part of a financing agreement
signed in 2015, the difference in price from when the gold was acquired to
current levels will be deposited into an account, said the people, who asked
not to be named speaking about a private transaction. More…
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