Story By: Juan Mayes, Sub-Editor: Joana Mihajlovska, Agency: Newsflash
A British firm has paid nearly GBP 9 million at auction for gold formerly owned by the guerrilla group the Revolutionary Armed Forces of Colombia.
The unprecedented auction took place in the city of Medellin in the Colombian department of Antioquia yesterday (15 December).
The auction was organised by the Special Assets Corporation (SAE) in coordination with the Presidential Council for Stabilisation and Consolidation Directorate, auctioning off a little over 208,000 grammes (458 lbs) of gold.
The British investment firm Condor Partners paid a whopping USD 11.9 million (GBP 8.8 million) for the gold which belonged to the now-disbanded Revolutionary Armed Forces of Colombia (FARC).
The guerrilla group was formed during the 1960s and was infamous for its terrorist activities, kidnappings, drug-trafficking, and use of military-style tactics.
A portion of the gold was willingly given to the United Nations by FARC shortly after the group ceased operations while others were seized by authorities during operations.
The gold was being kept at the Central Bank of Colombia in the capital Bogota where it was weighed and had its purity verified.
Several companies from varying countries took part in the auction which the British firm won.
All proceeds will be given as reparations to the families of victims who suffered at the hands of the FARC.
The Colombian government seized just over 10,900 grammes (24 lbs) of gold from the guerrilla group that was sold at the auction.
The funds will be handled by the Ministry of Finance with 50 percent going to the national government, 25 percent to prosecutors and 25 percent to the judicial system.
The disbanded guerrilla movement handed in its weapons to the United Nations in June 2017. However, there are still some dissidents who continue to carry out the group’s ideology.
The ViralTab page is created by and dedicated to professional, independent freelance journalists. It is a place for us to showcase our work. When our news is sold to our media partners, we will include the link here.