Abstract
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The London Court of Appeal has rejected an appeal by the Central Bank of Venezuela (BCV) board appointed by Dictator Nicolás Maduro against a ruling that granted authority over gold deposited in the Bank of England to the opposition-appointed board.
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The judges dismissed arguments presented by Maduro’s BCV board, stating that accepting them would have violated the English doctrine of «One Voice.»
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The dispute is over access to Venezuelan gold reserves worth about $1.95 billion deposited in the Bank of England.
Maduro’s Regime Suffers Another Setback: British Justice Rejects Appeal in Gold Dispute
The London Court of Appeal has rejected an appeal by the Central Bank of Venezuela (BCV) board appointed by Dictator Nicolás Maduro against a ruling that granted authority over gold deposited in the Bank of England to the opposition-appointed board. This decision marks another setback for Maduro’s regime in its ongoing legal battles.
The Dismissal of Maduro’s Arguments
The judges dismissed arguments presented by Maduro’s BCV board, stating that accepting them would have violated the English doctrine of «One Voice,» which requires the government and judiciary to act unified in foreign policy. At the time, London recognized opposition representative Juan Guaidó as interim president of Venezuela.
The Value of the Disputed Gold
The dispute is over access to Venezuelan gold reserves worth about $1.95 billion deposited in the Bank of England, as well as an additional sum of $120 million resulting from a swap executed by Deutsche Bank. The Maduro regime’s loss in this appeal is a significant blow to its attempts to gain control over these valuable assets.
The Legal Battle Continues
Despite the setback, the legal battle over Venezuela’s gold reserves is far from over. The Maduro-appointed BCV board is considering initiating a new lawsuit in the commercial division of the High Court to claim authority over Venezuelan assets. This move comes in light of the fact that Guaidó is no longer recognized by the United Kingdom as president.
The Implications of the Ruling
The implications of the ruling extend beyond the immediate dispute over the gold reserves. The decision underscores the international community’s refusal to recognize Maduro’s attempts to assert control over Venezuela’s assets. This ruling could potentially discourage other countries from recognizing Maduro’s regime, further isolating it on the global stage.
The Future of Venezuela’s Gold Reserves
The future of Venezuela’s gold reserves remains uncertain. While the Maduro regime continues its legal battles to gain control over these assets, the opposition remains steadfast in its efforts to protect Venezuela’s assets from the regime’s grasp. The outcome of these legal battles will have significant implications for the future of Venezuela’s economy and its standing in the international community.
Conclusion
The rejection of Maduro’s appeal by the London Court of Appeal is a significant setback for his regime. The decision underscores the international community’s refusal to recognize Maduro’s attempts to assert control over Venezuela’s assets. As the legal battles continue, the future of Venezuela’s gold reserves remains uncertain.