Judge backs Guaidó in litigation over Venezuelan gold
A London judge struck a blow at Venezuelan President Nicolás Maduro's attempt to recover $ 1 billion in gold deposited in Bank of England vaults, ruling that opposition leader Juan Guaidó is the one who should be recognized as the acting president of the country.
In deciding on gold ownership, the court accepts that the UK government recognizes "unequivocally" Guaidó as interim constitutional president, Judge Nigel Teare said yesterday.
The decision rejects the attempt by the executives appointed by Maduro at the Central Bank of Venezuela to access the resource.
The Central Bank of Venezuela has sued the Bank of England for access to gold, which it says is urgently needed in a joint effort with the United Nations Development Fund to combat the Covid-19 pandemic .
Gold has been in limbo since US authorities successfully urged its British counterparts last year to block Maduro's attempt to withdraw gold.
The UK government said last year that it recognizes Guaidó as interim president of Venezuela until new elections can be held reliably.
The Venezuelan bank indicated that it planned to request permission from the court to appeal the decision.
The ruling completely ignores the reality of the situation on the ground, said Sarosh Zaiwalla, a central bank lawyer. This result will further delay these efforts to the detriment of the Venezuelan people, whose lives are at risk, he continued.
In the midst of the conflict, Venezuela suffers a historical fall in its income. Venezuela's oil export terminals used to be the busiest in the western hemisphere. They are calmer now than they have been in decades.
Oil exports fell in June to levels not seen since 1944.
The decision rejects the attempt by the executives appointed by Maduro at the Central Bank of Venezuela to access the resource.
The Central Bank of Venezuela has sued the Bank of England for access to gold, which it says is urgently needed in a joint effort with the United Nations Development Fund to combat the Covid-19 pandemic .
Gold has been in limbo since US authorities successfully urged its British counterparts last year to block Maduro's attempt to withdraw gold.
The UK government said last year that it recognizes Guaidó as interim president of Venezuela until new elections can be held reliably.
The Venezuelan bank indicated that it planned to request permission from the court to appeal the decision.
The ruling completely ignores the reality of the situation on the ground, said Sarosh Zaiwalla, a central bank lawyer. This result will further delay these efforts to the detriment of the Venezuelan people, whose lives are at risk, he continued.
In the midst of the conflict, Venezuela suffers a historical fall in its income. Venezuela's oil export terminals used to be the busiest in the western hemisphere. They are calmer now than they have been in decades.
Oil exports fell in June to levels not seen since 1944.
