Her Majesty’s High Court of Justice in England has determined that the Venezuelan gold stored in the vaults of the Bank of England must be managed by officials of the Central bank of Venezuela designated by opposition leader Juan Guaido. Since 2019, Guaido requested the Bank of England freeze 31 tonnes of gold in its vaults in an attempt to prevent a sale.
Juan Guaido is the Opposition Leader in London’s High Court
It seems that the story of Venezuelan Gold, which was stored in Bank of England vaults is coming to an end. According to the High Court of London, Juan Guaido was responsible for the management of 31 tonnes of gold. He is the opposition leader who proposed a new government.
According to the sentence, due to the recognition that the government of England has of Guaido as interim president of Venezuela, the rulings of the Supreme Tribunal of the country, which disregarded Guaido’s right on managing this gold, were ignored. Judge:
I have … concluded that the Guaido Board succeeds: that the Venezuelan supreme court judgements are not capable of being recognized.
Guaido’s team considered this a victory, and considered this decision a “step towards protecting Venezuela’s sovereign gold reserves for the benefit of the Venezuelan people.” However, the government of President Maduro prepared to appeal this decision, considering it an “unfortunate ruling.” Even with this decision, Guaido will not be able to move this gold until the matter is fully resolved.
You are not your vaults and you should not be your gold
The process involving the seizure of the gold due to Guaido’s petition and the whole judicial battle between the two parallel governments of the country has originated worries about the trust that third parties can have when possessing assets held in foreign countries. This final decision will be used to determine whether the British government may rule in future similar cases in which there are government conflicts.
Maduro wants to reclaim these assets. They were originally requested by the Central Bank of Venezuela in 2020 to be sold for the benefit of the populace. It stated that:
BCV continues to be concerned about the effect of judgments by the English Court on the sum total. This seems to result in a simple declaration of the UK Government recognising as head of state any person who has no effective control and power over any portion of the state.
How do you feel about the 31-tonne Venezuelan Gold Saga? Leave a comment below.
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