Maduro gov’t scores legal victory in $1bn Venezuelan gold battle
Saeed Pourreza
PressTV, London
A ruling by the British Court of Appeal has given another chance to Venezuela's government in a tug of war over about $2 billion of gold stored at the Bank of England.
The appeals court’s decision overturns a judgment by the High Court in July that said it denied the Venezuelan Central Bank access to the gold because of the UK’s recognition of Juan Guaidó, as the country’s president.
At the heart of the legal battle, the question of who controls the gold. The Venezuelan Central Bank, BCV, says the proceeds from the sale of the gold would be transferred directly to the UN Development Program to be spent on humanitarian aid, and the fight against the pandemic.
Juan Guaidó and his supporters say president Maduro wants to use the gold to pay off his allies.
The dispute began in 2018, when Guaido refused to accept the results of the country’s presidential election, declaring himself president and accusing President Maduro of rigging the vote.
In the same year, Boris Johnson, British foreign secretary at the time, said: “We may have to tighten the economic screw on Venezuela."
In 2020, strapped for cash as a result of international sanctions, falling oil prices and the pandemic, the Central Bank of Venezuela sought to use the country’s sovereign assets at foreign banks. But the bank of England denied it access, saying it was “caught in the middle” of competing claims for the presidency in the country."
After that, the Venezuelan Center Bank sued its British counterpart saying it was depriving it of funds at a time of “national and global emergency."
The case now goes back to the British High Court to determine who it recognizes as president of the Latin American country. The appeals court has also called on the British Foreign office to clarify whom it thinks is in charge in Venezuela.
The legal battle will no doubt rage on, but this latest development is a victory for Caracas who are calling for the release of the gold to battle the country’s health and economic crisis exacerbated by the pandemic.
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