UK Court in Favor of Guaido Over Gold Stored in BOE

A United Kingdom (UK) court decision released on Friday helped Juan Guaidó, the head of Venezuela’s opposition, in his dispute with President Nicolás Maduro over a stash of gold bullions kept at the Bank of England.

According to a judge at the High Court in London, Venezuela’s highest constitutional court’s decisions that Maduro should get the gold are not required to be recognized by British courts.

The court decision was a component of a protracted dispute over the assets of Venezuela’s central bank. 

There were two opposing Banco Central de Venezuela boards, one chosen by Maduro and the other by Guaidó, engaged in a legal battle to obtain the release of more than 800 million pounds ($1 billion) in gold that is being held in Bank of England vaults.

The Bank of England has refused to give the gold to Maduro since the British government has recognized Guaidó as the legitimate president of Venezuela.

Judge Sara Cockerill ruled that there was “no foundation” for recognizing the Venezuelan court’s ruling that Guaidó’s selections to the bank board were unlawful. 

Cockerill claimed that the Guaidó board “succeeds, therefore”.

The British court, according to a statement from Venezuela’s Central Bank, breached international law and subjugated itself to British foreign policy.

In a tweet, Guaidó said the ruling was “another step in the process of protecting Venezuela’s international gold reserves and preserving them for the Venezuelan people and their future.”

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