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A London commercial court begins to examine this Monday who, between Nicolás Maduro and Juan Guaidó, considers the legitimate representative of the Venezuelan people, a previous step to decide on the return of a billion dollars in gold deposited at the Bank of England.

The hearings, held by videoconference due to the coronavirus pandemic, must last four days and may lead to a British commercial court having to decide on Venezuelan political issues with serious diplomatic implications.

"The question of recognition can unlock the rest," lawyer Andrew Fulton, who represents the interests of Guaidó, president of the National Assembly recognized as "interim president" of Venezuela for fifty countries that deny legitimacy, defended in the preview. from Maduro.

Among them is the United Kingdom, whose then Foreign Minister Jeremy Hunt made this clear in February 2019, stating that "the oppression of Maduro's illegitimate and kleptocratic regime must end."

Since then, and despite the multiple efforts of Caracas, the Bank of England has not responded to the repatriation request for more than 30 tons of gold, valued at $ 1 billion, which the country, like many others, has kept in its chambers. armored.

Guaidó has twice written to the British authorities asking them to reject him.

So the Central Bank of Venezuela (BCV), chaired by Calixto Ortega, sued in May before a London trade court, claiming that it needs those funds to fight the covid-19 pandemic.

However, the BoE claims to be caught between this BCV board of directors and another rival, appointed by Guaidó.

Therefore, the judge decided to examine earlier, in a separate case, who is recognized as the legitimate representative of the Venezuelan republic.

Legal legitimacy

Venezuela, the country with the world's largest proven oil reserves, is mired in an economic debacle , with severe shortages of food and medicine and collapses in the supply of water and electricity, which has forced millions of people to leave the country in the last years.

The existence of two rival "presidents" has made it difficult for the Caracas executive to access the funds that the country has in the international financial system, even in the middle of the covid-19 pandemic.

But Tim Lord, a lawyer for Ortega's team, tries to demonstrate that, despite granting "interim authority" to Guaidó, the British government has not legally withdrawn the legitimacy of the Maduro regime with whom it "maintains diplomatic contacts", such as the recognition of its ambassador to London.

Lord, who fought in previews to have all issues tried together, was looking for a quick release of funds "before the end of July."

But given the complexity of the case, Judge Nigel Teare considered that "it did not seem realistic" and warned that the case could be extended until last September.

As a guarantee that, if the gold is obtained, the fruit of its sale will be dedicated to fighting coronavirus , the BCV negotiated that the money be transferred directly to the United Nations Development Program (UNDP).

"This is a humanitarian emergency" and "the Bank of England's intransigence is putting lives at risk," said Sarosh Zaiwalla, London's legal representative for Ortega and his team.

And he considered that the recently signed agreement between Maduro and Guaidó to seek financial resources against the pandemic can be extended to the bullion that "wait, useless, in the vaults in England."

Contacted about it by AFP in London, the legal representative of the rival party, Jane Wessel, said not to "comment on ongoing cases."

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Know more

  • Venezuela
  • UK
  • Nicolás Maduro
  • Juan Guaidó

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