(CNN) — The London High Court denied access to the disputed President of Venezuela, Nicolás Maduro, at around $ 1.1 billion in gold stored in the Bank of England vaults, and ruled that the British government has “unequivocally” recognized the opposition leader Juan Guaidó as president of the South American country.
“Her Majesty’s government has unequivocally recognized Guaidó as president of Venezuela. Which necessarily implies that His Majesty’s Government no longer recognizes Maduro as president of Venezuela, “said Justice Teare while pronouncing the ruling.
The Central Bank of Venezuela (BCV) took legal action after the Maduro government attempted to move the gold from the Bank of England earlier this year, but was denied access. He argued that he wanted to use the valuable metal to help tackle the impact of the outbreak again. coronavirus in Venezuela, claiming that the funds from the sale of gold would be transferred to the UN Development Program to buy food and medical supplies.
The decision gives Guaidó, and the “ad hoc” board that his government appointed for the Central Bank of Venezuela, control not only of the 30 tons of gold that are still within the Bank of England, but also more than US $ 120 million from a gold exchange contract negotiated with Deutsche Bank.
Maduro’s representatives in court called the ruling “unsatisfactory” and announced that the Venezuelan Central Bank would appeal the decision.
“The BCV considers it deeply unsatisfactory that the English court has reached these conclusions,” the lawyer representing the Maduro-controlled Venezuelan central bank, Sarosh Zaiwalla, said in a statement. “It is very rare for a case of such international legal importance to be decided only with reference to legal issues without regard to the facts on the ground, and it is even more rare for an English commercial court to be informed that it can only decide one question in the way the government says it should. “
“The Central Bank of Venezuela will seek permission from the court to appeal this judgment, which it considers completely ignores the reality of the situation on the ground,” Zaiwalla said.
Guaidó’s representative in London said the decision to deny the Maduro government access to gold is “a victory for the Venezuelan people.”
Guaidó is recognized as the interim president of Venezuela by more than 50 countries, including U.S and UK.
“We are very grateful for today’s verdict on the Bank of England case. It is a victory for the Venezuelan people and the rule of law and demonstrates the importance of the separation of powers, “envoy Vanessa Neuman told CNN. “Gold is where it always has been, at the Bank of England. It is Maduro who tried to eliminate it and we have protected it for the people. ”
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