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  • Monetary gold reserves deposited in a banking institution, 2020.

    Monetary gold reserves deposited in a banking institution, 2020. | Photo: Twitter/ @BrainandMoney

Published 21 September 2020 (10 hours 7 minutes ago)
Opinion

The Appeals Court will decide on the illegal claims on Venezuelan gold that Juan Guaido has.

London’s Court of Appeal Tuesday will analyze the legal recourse filed by President Nicolas Maduro’s administration against the High Court judge Nigel Teare’s ruling that gave Juan Guaido control over gold reserves deposited by the Central Bank of Venezuela (BCV) in the Bank of England (BoE).

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After hearing from the parties until Thursday, Judges Kim Lewison, Stephen Males, and Stephen Phillips will decide whether to support the previous court decision.

On July 2, Teare ruled that the BCV ad hoc board appointed by Guaido can access monetary reserves valued at about US$1.3 billion. His decision prevents the BCV board headed by Calixto Ortega, who was legitimately appointed by the constitutional government of Venezuela, from accessing these resources.

In arguing his decision, Judge Teare considered that the British government recognized Guaido as Venezuela's interim president and that his board has authority over the reserves.

Simultaneously, however, he said that the English court does not have the power to examine the legality of appointments to the BCV board based on the laws in force in Venezuela, a country where the Supreme Court ruled against that board illegally made up by Guaido.

The lawyer for the BCV board legally formed by the Venezuelan authorities, Nick Vineall, pointed out that the U.K. has maintained in practice uninterrupted diplomatic ties with the Maduro administration since 2019.

The Court of Appeals will have to decide whether the U.K. actually recognizes Guaido for all purposes and whether it has the power to examine acts declared illegal in Venezuela.

The British Justice must establish which of the two boards is the legitimate one to advance the lawsuit filed in May against the BoE by Ortega, who accuses the British central bank of violating a contract by not fulfilling his order to transfer 930 million euros to a United Nations fund, which will finance the fight against COVID-19 in the South American country.

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