The UK Supreme Court To Decide on Dispute Over Venezuelan Gold

United Kingdom's Supreme Court (SC) will decide on the access to the Venezuelan gold withheld in the Bank of England, following the approval of an appeal filed by opposition politician Juan Guaido's lawyers on Wednesday.

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The Plaintiffs seek to revoke a ruling approved by the Court of Appeal, which ordered a detailed investigation aimed at explaining the diplomatic relations between the governments of Venezuela and the U.K. 

The legal battle for 32 tons of Venezuelan gold began in January 2019 when Guaido proclaimed himself president of the South American country.

"After that, the Bank of England refused to fulfill a request made by the Venezuelan Central Bank to have access to the gold bullion, valued at an estimated US$1.2 billion, to buy medicines and equipment to tackle the pandemic," Sputnik recalled.

Venezuela's Central Bank presented then a lawsuit against the Bank of England., an institution that decided to grant Guaido access to gold stored in its vaults arguing that the U.K. government had recognized him as "de jure" president.

While this was happening, however, the U.K. maintained relations with the legitimately constituted government headed by President Nicolas Maduro.

As a result of this situation, the Court of Appeal decided to delay a final ruling on the issue arguing that the British government and the judicial system must "speak with one voice."

Commercial Court Judge Sara Cockerill pointed out that the issues in dispute are politically "sensitive" and have "constitutional ramifications" which should be addressed by the Supreme Court.