London Daily

Focus on the big picture.
Wednesday, Sep 03, 2025

UK Supreme Court denies Maduro claim to Venezuelan gold

UK Supreme Court denies Maduro claim to Venezuelan gold

The UK Supreme Court has prevented Venezuelan President Nicolás Maduro from accessing $1.95bn (£1.4bn) of gold stored in the Bank of England (BoE).

Mr Maduro says the cash will be used to fight Covid-19 in the country.

The Supreme Court overturned a prior Court of Appeal ruling, meaning only opposition leader Juan Guaidó, who the UK considers as the legitimate leader, can decide what happens to the gold.

Despite this, in practice the UK deals with the Maduro administration.

Mr Guaidó and Mr Maduro have separately appointed two different sets of governors to Venezuela's central bank.

Mr Guaidó, who is recognised by more than 50 countries as the legitimate president, wants the gold to stay in the BoE's vaults.

But Mr Maduro, who remains in the presidential palace and in control of the government, military and police, has sued BoE to have the funds released.

Mr Maduro was re-elected to a second six-year term in May 2018 in highly controversial polls, which most opposition parties boycotted.

He claims the money will be transferred to the United Nations Development Programme (UNDP) to buy medical supplies to fight the pandemic.

His critics have blamed him for mismanaging Venezuela's economy, causing a severe crisis where millions of people need aid due to collapsing public services, soaring unemployment and a devalued local currency.

They claim Mr Maduro will use the funds to pay off foreign allies that support his regime.

Venezuela has been sanctioned by a group of nations including the US, UK, European Union, Canada, Switzerland, Panama and Mexico since 2014 over corruption, human rights violations and the suppression of democracy.

Further consideration needed


The Court of Appeal ruling had overturned an earlier UK High Court judgement in July 2020, which ruled that the UK government's recognition of Mr Guaidó as Venezuela's acting president was "clear and unequivocal".

On Monday, the Supreme Court said that the Court of Appeal ruling was "misplaced", because all British courts needed to accept that Mr Maduro was not recognised as president "for any purpose".

Venezuelan opposition leader Juan Guaido says the Transition Statute enables him to appoint central bank officials


However, it has now asked the Commercial Court to consider another issue - whether Mr Guaidó has been recognised by the UK government as merely being Venezuela's head of state, or if he has been recognised as its head of government as well.

Citing the Transition Statute - articles in the constitution which in such cases call for the leader of the National Assembly to step in - Juan Guaidó declared himself interim president in January 2019.

He has since used these laws to appoint central bank officials, which Mr Maduro continues to contend is not permitted under Venezuelan law.

Mr Guaidó welcomed the ruling on Monday, saying he and his appointees would "continue to be dedicated to the constitutional duty to protect the assets of the Republic for future generations".

Sarosh Zaiwalla, a London-based lawyer representing Venezuela's central bank, said: "Our client looks forward to continuing this case, with a view to showing that the Board of the El Banco Central de Venezuela (BCV) in Caracas is the only validly appointed authority to deal with Venezuela's foreign assets in the interests of the Venezuelan population."


What drives someone to cross South America on foot?


Newsletter

Related Articles

0:00
0:00
Close
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Court of Appeal Allows Asylum Seekers to Remain at Essex Hotel Amid Local Tax Boycott Threats
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Pickles are the latest craze among Generation Z in the United States.
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
WhatsApp is rolling out a feature that looks a lot like Telegram.
Investigations Reveal Rise in ‘Sex-for-Rent’ Listings Across Canada Exploiting Vulnerable Tenants
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
Israeli Airstrike in Yemen Kills Houthi Prime Minister
Ukrainian Nationalist Politician Andriy Parubiy Assassinated in Lviv
Corporate America Cuts Middle Management as Bosses Take On Triple the Workload
Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide
Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content
×