UK Supreme Court to start handling case of control of billions of dollars in Venezuelan gold next Monday

The British Supreme Court will examine as of Monday which, between Nicolás Maduro and Juan Guaidó, corresponds to the contested control of a billion dollars in gold Venezuela’s reserves deposited with the Bank of England.

Five magistrates of the highest court will hear between Monday and Thursday the arguments of both parties in this trial initiated more than a year ago and which has seen English justice agree in turn with both.

It is a question of determining “whether the British government has recognized interim President Guaidó as head of state of Venezuela and, if so, whether any challenge to the validity of the appointments made by Guaidó to the board of directors of the Central Bank of Venezuela is justiciable in an English court ”, explained the court.

Contradictory decisions

The Maduro regime, through the Central Bank of Venezuela chaired by Calixto Ortega, He has been trying unsuccessfully to recover 32 tonnes of gold for nearly three years of the national reserve, valued at one billion dollars, which it kept in the coffers of the Bank of England.

But the National Assembly of Venezuela, then dominated by the opposition and chaired by Guaidó, appointed its own ad hoc management in July 2019 from the Venezuelan central bank and asked London not to hand over the bars, assuring that they could be used to repress the people or line the pockets of a regime which he describes as “kleptocratic”.

Claiming to need money to fight the COVID-19 pandemic, Caracas filed a lawsuit in May 2020 against the Bank of England and argued that the cause was urgent due to the humanitarian crisis.

But the institution, which keeps funds for many countries, said she was caught between two rival groups who gave her conflicting instructions and asked the courts that before deciding on the final destination of the gold, it should be decided who has control of it.

Since, a London commercial court ruled in July 2020 that the British government had recognized Guaidó as interim president and that the “one voice doctrine” gave him the power to tell the destination of funds from the country abroad.

But three months later, the Court of Appeal returned the case whereas this recognition could in fact be a mere political statement and that it was possible that the Johnson executive would continue to recognize the Maduro administration “de facto”.

In December, the Supreme Court allowed Guaidó’s representatives to appeal this order and, in April, the opposing party to counter.

Who is the president “

“After 12 months, the case continues to analyze preliminary issues related to the authority,” Maduro’s lawyers lamented in a statement Friday.

“Until the appeal is decided, Juan Guaidó continues to be recognized by the United Kingdom as the only legitimate and constitutional president of Venezuela, without official recognition of Maduro ”, affirm for their part his lawyers.

Guaidó ceased to preside over the National Assembly following the December legislatures – boycotted by almost all of the opposition and marked by a strong abstention of 69% – which returned control of parliament to Maduro.

London does not recognize the legitimacy of the new chamber and reiterated its support for Guaidó and the National Assembly elected in 2015. But, continues to maintain its embassy in Caracas and minimal diplomatic relations with the Bolivarian administration, which he uses to argue his legitimacy.

The existence of two rival “presidents” has long made it difficult for Venezuela to access the country’s funds in the international financial system.

If the British Supreme Court eventually comes to an agreement with the board of directors of the Central Bank of Venezuela appointed by Guaidó, it would set a precedent that the opposition hopes to use to recover Venezuelan assets deposited in other central banks. European.

(With information from AFP)

KEEP READING: