The British Justice on Friday denied President Nicolas Maduro access to Venezuela’s reserves. Opposition leader Juan Gauidó celebrated the court’s decision, although he will not have access to Venezuelan gold either. At the same time the legal representative of the Central Bank of Venezuela He called the ruling unfortunate. “It is based on a narrow legal issue on the recognition of foreign judges,” said attorney Sarosh Zaiwalla.
The Government of Nicolás Maduro and the opposition led by Juan Guaidó have been facing each other since 2019 for access to 31 tons of gold. The reserves are valued at about 1.9 billion dollars and have been guarded for years in the vaults of the Bank of England.
London High Court Judge Sara Cockerill ruled in favor of Guaidó, whom the United Kingdom recognizes as interim president of Venezuela. Although, the opponent will not have access to the reservations either, since that issue was not addressed in this part of the legal dispute.
This part of the process focused on whether the British justice considers legitimate the board of the Central Bank of Venezuela (BCV) appointed by Guaidó after proclaiming himself as interim president. The directors appointed by the opposition ordered the Bank of England not to deliver the bullion to the board of directors of the ruling party.
Judge Cockerill considered that the decision of the Supreme Court of Justice (TSJ) of Caracas to invalidate the appointments of the leadership of the central bank cannot be recognized by British law. Among the reasons is the fact that, according to the judge, the TSJ is made up of judges who support Nicolas Maduro.
The case dates back to May 2020, when the Central Bank of Venezuela filed a lawsuit against the Bank of England for its refusal to give access to gold reserves. The English institution then explained that they recognized Guaidó as the highest president of the Latin American country, for which he refused to respond to an institution that was under the control of Maduro. In December last year, the UK Supreme Court said that Guaidó should be recognized as the true president of Venezuela, and that this would allow him access to the country’s reserves.
It is also expected that there will be an additional hearing in September or October to close other aspects of the case, including whether the Guaidó board can be granted the order it requested to manage the Venezuelan assets deposited in England.
Criticism of the ruling
The Central Bank of Venezuela (BCV) presented this Friday, after the decision of the British court, a statement in which it expresses its rejection. According to the BCV, which marks the statement as unusual, the powers of the administration of Venezuelan reserves are being violated.
At the end of the statement, The Venezuelan Central Bank emphasizes its intentions to continue resorting to all possible means so that justice is done. “The Central Bank of Venezuela reserves all legal actions within its reach to appeal this unusual and disastrous decision in defense of gold, the patrimony of the Venezuelan people, and will continue to denounce that these stratagems of British foreign policy and its submissive courts do not It will go down in history without true justice in accordance with the International State of Law so battered by the hegemonic powers,” the statement concluded.
In May 2020, the president of the official board of the BCV, Calixto Ortega, accused the Bank of England of breaching the contract by not complying with his order to transfer 930 million euros of reserves. The money was going to go to a UN fund to be used in the fight against covid in his country.
For his part, the legal representative of the Central Bank of Venezuela, Sarosh Zaiwalla, of the firm Zaiwalla & Co, assured that they will appeal. In addition, the lawyer expressed his concern about the statement made by the British government in which a person who does not control any part of it is recognized as head of state. “The BCV will continue to litigate this case in court to ensure that Venezuela’s sovereign assets are preserved and safeguarded for the benefit of the people of Venezuela.”added the lawyer.
The joy of Guaido
For his part, Guaidó reacted through a statement transmitted by the lawyers who represent the opposition leader in the process. Through a publication of the National Communication Center, the opponent was determined to affirm that this money does not belong to Maduro, but to the people. Although, the United Kingdom did not establish that Gauidó had access to the reserves. “This decision marks a new stage in the protection of Venezuela’s international gold reserves, to preserve them for the Venezuelan people and their future,” the anti-Chavista celebrated.
The opponent, in addition, was grateful and admired the British justice. “I cannot fail to acknowledge the role of the UK judiciary. With longing, I think of the day when our Venezuela can count on an impartial system that guarantees true justice,” added Guaidó.