Tuesday, March 19, 2024

The government of Venezuela is trying to get back $1.8 billion worth of gold that was saved in the Bank of England’s safes. Officials from Maduro’s team asked the London Court of Appeals to consider the removal of Juan Guaido, who used to be an interim president, when looking at giving Venezuela access to its gold.

8 Billion in Gold

Venezuela is trying to get back ownership of over $1.8 billion in gold at the Bank of England. In 2019, the U.K. High Court said no to their request since they accepted Juan Guaido as the country’s leader instead of Nicolas Maduro.

In December 2022, a Venezuelan legislative body voted to get rid of the interim government led by Guaido. Instead, they created a board to look after Venezuela’s stuff abroad. Richard Lissack, an attorney from the Central Bank under Maduro, then asked a London court to change their decision because of the new Venezuelan government.

According to Lissack, the rule of only recognizing Juan Guaido as leader is no longer valid now that his government has been stopped. Instead, Venezuelan courts should be followed and their rulings respected, even if they differ from the Central Bank of Venezuela’s temporary board.

UK Government’s Decision Changes Everything

Andrew Fulton, a lawyer for the special committee at the Central Bank of Venezuela, said that these new events don’t change that Guaido was declared temporary president of Venezuela before.

The U.K. government showed that they agreed with the disbandment of Guaido’s interim governing body on January 5. This means the UK changed how it sees Guaidó. Mr Fulton said that the people Guaidó appointed were allowed to stay in their roles until someone new comes in and makes them stop – like a new president or government.

In the next few weeks, a U.K court will make their decision about who has the right to access the Venezuelan gold stored in Bank of England. Both governments led by Guaido and Maduro are arguing which one should have it. What do you think? Let us know in the comments!

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