Verdict on Venezuelan gold returned to commercial court in Britain world | dw

The British Supreme Court this Monday (12.20.2021) accepted in an appeal filed by Venezuelan opposition leader Juan Guaidó whether he or the country’s President Nicolas Maduro should be given valuable gold bars deposited in the Bank of England at around 1,600. should be controlled. million euros.

The highest British court referred the matter as a last resort to the Commercial Division of the High Court to determine to whom delivery of gold is authorized. In the judgment, the court noted that a previous statement by the British government was “a clear and unequivocal recognition of Mr. Guaidó as President of Venezuela,” so this part of the appeal was accepted by this court.

The Supremes said British courts are inclined to accept that the British government does not recognize Maduro as Venezuela’s president “for any purpose”. On the other hand, he considered it necessary to evaluate whether the opinion of the Supreme Court of Venezuela regarding the position of the opposition leader is void or of no effect, for which he asked the Commercial Division of the Superior Court to establish it.

Thus, the process goes to the Commercial Division of the Superior Court, which must determine whether to authorize or deny the delivery of gold to a board appointed by Nicolas Maduro, which initially filed a demand for arbitration over the bank’s refusal. Had it. To execute your request to cancel the reservation. The English Bank refused to execute that request because of the British government’s position in Guaidó’s favor.

The Supreme Court, the highest British court, gave its opinion today after examining an appeal filed by the Guaidó-appointed BCV board, requesting that an adverse decision issued by the Court of Appeals last October be set aside. This court had rejected that the British government had “explicitly” recognized the opposition leader as Venezuela’s president for all purposes in a 2019 announcement, where he would continue as “interim constitutional president” until a valid election was held. was described in.

Both sides appointed management committees of the Central Bank of Venezuela (BCV), “which have issued separate directives on the country’s international reserves,” of which the Bank of England holds about a billion dollars in gold, according to the Supreme Court. . British.

Maduro-appointed BCV wants to recover tons of gold deposited in a British bank, but for now, it can’t access those funds as London recognizes Juan Guaidó as interim president. Guaidó, a self-declared head of state in 2019 with the support of the United States, is considered interim president by some fifty countries and, therefore, did not recognize Nicolas Maduro’s re-election in 2018.

In 2020, Venezuela’s central bank appealed to British courts, which initially ruled in Guaidó’s favour, before an appeals court overturned the sentence. Subsequently, Guaidó’s side decided to take the matter to the Supreme Court, which ultimately left the resolution open.

The matter is complicated as Maduro’s lawyers argue that the United Kingdom effectively recognizes his presidency through the diplomatic ties he has maintained. According to him, the sale of the precious metal to the government can, among other things, help in the fight against Covid-19. While the Guaido government has assured that the money will serve to quell people or fill the pockets of “kleptocracy”.

MN (Efe, AFP, Reuters)