Venezuelan opposition leader Juan Guaido is one step closer to getting his hands on more than $1 billion worth of gold held in Bank of England vaults after a British judge decided not to recognize a Venezuelan court ruling according to which President Nicolas Maduro is designated as its legal owner.
As Bloomberg reports, the long-running case has been heard by various British courts since Maduro sued the bank for access to the particular gold stash, claiming they are needed for a coronavirus relief fund, according to court documents.
Guaido, however, has also claimed to be in charge of the stockpile, with his lawyers saying he needs it to help future generations of Venezuelans.
The judges stressed in December 2021 that a lower court had to decide whether a court order controlled by the Venezuelan government should also be taken into account in deciding who ultimately controls the gold.
“I conclude that there is no basis for recognizing the judgments invoked by the Maduro side,” the British judge said.
The specific court decision reinforces the corresponding one of the British government to effectively recognize Guaido as the leader of the South American country.
Then-UK Foreign Secretary Dominic Raab said before the December hearing that his government had formally recognized Guaidó as interim president in all respects from 2019, according to documents prepared for the case.
Maduro is considering an appeal, his legal team said.
Source: Capital
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