Venezuela: UK court blocks Maduro's attempt to acquire $ 1 billion in gold

Venezuela: UK court blocks Maduro’s attempt to acquire $ 1 billion in gold

Venezuela’s central bank, which is still controlled by Maduro’s government, has sued. Bank of England, seeking access to 930m euros ($ 1 billion) in gold reserves that he says will help the country deal with coronal pandemic. Venezuela intended to liquidate gold to buy healthcare supplies and food through the United Nations Development Program, according to court documents.
However, the British government, along with the US government and dozens more around the world, recognizes Guido, despite Manduro, as the legitimate leader of Venezuela. Venezuela political unrest comes from 2018, when Maduro secured another six-year term in the presidential election that is widely considered false.

The Supreme Court of London ruled against the Maduro government that had the money on Thursday, with Judge Nigel Tari saying that Guido had been “categorically recognized” as Venezuelan president by the UK government.

A Guaidó spokesman in London welcomed the verdict.

“It is a victory for the people of Venezuela and the rule of law and demonstrates the importance of segregation of power,” the envoy, Vanessa Neuman, told CNN. “Gold is where it has always been, in the [Bank of England]. It is Maduro who tried to remove it and we protected it for the people. “

Venezuela’s central bank has said it will appeal the decision.

“THE [central bank] He will immediately appeal the irrational and unusual decision of an English court that intends to deprive the people of Venezuela of gold, which is such an urgent need to deal with the Covid-19 pandemic, “he tweeted on Thursday.

Maduro’s representatives in court described the decision as “unsatisfactory”.

“It is very rare to decide a case of international legal significance only with reference to legal issues without taking into account the facts,” lawyer Sarosh Zaiwalla said in a statement.

The Bank of England previously told CNN that it “does not comment on the relationship with individual customers”.

The UK Central Bank has ruled out a similar attempt by the Venezuelan government to gain access to its gold at the end of 2018, according to Financial Times.

The bank retains about 400,000 gold bars in its treasury, worth more than. 200 billion ($ 244.6 billion), according to its website. This makes it the second largest gold keeper in the world after the Federal Reserve Bank of New York.

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