Maduro’s government wins legal victory in fight for $ 1 billion Venezuelan gold | Latin America News


A legal battle of more than $ 1 billion in Venezuelan gold stored at the Bank of England (BoE) took a new turn on Monday after a UK appeals court ruled in favor of Nicholas’ government Maduro by setting aside an earlier High Court judgment in the case.The Court of Appeal allowed the appeal of the Banco Central de Venezuela (BCV) backed by Maduro and overturned the July High Court judgment, which found that the UK’s recognition of the opposition leader Juan Guaido as “interim constitutional president of Venezuela” was conclusive.

BCV sued the Bank of England in May to regain control of the gold, which it says it wants to sell to fund Venezuela’s response to the coronavirus pandemic.

The BoE refused to release the gold, however, after the British government in early 2019 joined dozens of countries in backing Guaido on the grounds that Maduro’s election victory the previous year had been rigged.

Monday’s ruling means the case is now sent back to the High Court to more definitively determine which of the two rival leaders is in charge.

Monday’s judgment stated that it was necessary to determine whether “(1) the British Government recognizes Mr. Guaido as President of Venezuela for all purposes and therefore does not recognize Mr. Maduro as President for any purpose.”

“Or (2) HMG (the UK government) recognizes that Mr. Guaido is entitled to be President of Venezuela and therefore entitled to exercise all the powers of the President, but also recognizes Mr. Maduro as the person who actually exercises a part or the full powers of the President of Venezuela. ”

The BCV said the proceeds from the sale of the gold would be transferred directly to the United Nations Development Program to procure humanitarian aid, medicine and equipment to combat the COVID-19 pandemic.

Venezuela’s opposition has alleged that Maduro wanted to use the money to repay his foreign allies, which his lawyers deny.

Over the past two years, Maduro’s government has taken around 30 tonnes of its local gold reserves to sell abroad for much-needed hard currency, according to people familiar with the operations and the company’s own data. bank.


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