UK Supreme Court denies Venezuelan President Nicholas Maduro access to his country’s gold stored at the Bank of England

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Posted: Monday, December 27, 2021. 1:01 p.m. CST.

By Benjamin Fleurs: The Supreme Court of the United Kingdom (UK) has ruled that Venezuelan President Nicolás Maduro cannot access his country’s $ 1.95 billion of gold which is stored at the Bank of England (BoE), the BBC reports.

The case is the latest in a legal battle between President Maduro and opposition leader Juan Guaidó, who declared himself president in January 2019. Maduro and Guaidó both had central bank committees and gave these committees instructions on how the gold should be. used. Maduro took the case to UK courts and lost at first instance, but in July 2020 the Court of Appeal ruled in his favor.

In today’s ruling, the Supreme Court called the Court of Appeal’s ruling “inappropriate”, noting that all UK courts must accept that Maduro has not been recognized as president. ” for whatever purpose “. The decision hands over control of the gold to Guaidó, who reportedly intends to keep the gold in the BoE.

Maduro says the gold will be used to buy food and medical supplies his country desperately needs in the face of the pandemic, social unrest and reported food shortages, which he is repeatedly accused of being the cause of. ‘mismanagement. But critics say he intends to use the money to reimburse countries that remain allies of Venezuela despite sanctions in place by the European Union, Canada, Switzerland, Panama and Mexico, who have been in place since 2014 for allegations of corruption, human rights violations and the suppression of democracy.

In May 2018, Maduro was re-elected for a six-year term; however, the election was extremely controversial and many opposition parties boycotted it. The UK, US and more than 50 countries have recognized Guaidó as the leader of Venezuela.

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