Dramatic Development in Venezuela’s Fight for Gold Seized by Bank of England

Saturday, October 8, Venezuelan Vice Minister for Anti-Blockade Policies William Castillo reported, through his Twitter account, on the progress of the Venezuelan government’s claims on Venezuelan gold reserves seized by the Bank of England.

“The judge handling the case of the Venezuelan gold confiscated in the Bank of England authorizes the legitimate representation of Venezuela (BCV) to appeal the decision (before the same judge) that had ruled [previously] in favor of Guaidó,” wrote Castillo, communicating an important development pertaining to Venezuela’s legal battle to regain gold reserves seized by the United Kingdom.

ÚLTIMO MINUTO
El juez que lleva el caso del oro venezolano confiscado en el Banco de Inglaterra autoriza a la representación legítima de Venezuela (BCV) apelar la decisión (del mismo juez) que había fallado a favor de Guaidó.
¡Se abre nuevo capítulo en la lucha por nuestro oro! https://t.co/kjwjyQpL4f
— William Castillo Bollé (@planwac) October 8, 2022

On Wednesday, October 5, the BCV welcomed the decision of the English Court of Appeal concerning the legal claim against the Bank of England. In the statement, it highlights that: “the unusual decision issued by the judge on July 2, 2020—that attempted to ignore the legitimate authorities of the Central Bank of Venezuela and the inalienable rights of the legitimate Venezuelan institution over the assets of the Republic, seized by the Bank of England—was dismissed.”

New: With Venezuela's gold still frozen in the Bank of England, the UK courts have granted the "Maduro Board" permission to appeal a July judgment which ruled in favour of the "Guaidó Board".
Thread:https://t.co/UkJFlSHSh7
— John McEvoy (@jmcevoy_2) October 8, 2022

For his part, the first vice president of the United Socialist Party of Venezuela (PSUV), Diosdado Cabello, recently stated that “Venezuelans know that this gold will arrive in the country sooner rather than later. It is not surprising that at any moment they [the British] come around requesting anything that we have here.”

Unsafe place to store foreign assets
It should be noted that McEvoy wrote: “the United Kingdom’s decision to recognize Guaidó, and to freeze Venezuela’s gold, was taken under pressure from the US, although the US is (gradually) normalizing relations with Venezuela, given the context of rising oil prices internationally.”

For now, the Venezuelan government hopes that there will be a date to introduce the appeal before the Supreme Court of Justice of the United Kingdom. In addition, he added that, “the Bank of England can no longer be seen as a safe place to store foreign assets.”

Venezuela’s Gold Dispute in UK Courts is a Battle for Sovereignty

In an informative Twitter thread, McEvoy added the following relevant comments:

• Justice Cockerill, the judge overseeing the case, noted that the legal issues at stake here are “effectively unprecedented.” She thus allowed the “Maduro Board” to appeal her own decision—a rare judgment.
• The “Maduro Board” argued in court that, if the “Guaidó Board” was allowed to give instructions to the Bank of England regarding Venezuelan assets, these assets could then be transferred to the personal accounts of Guaidó and his associates.
• The “Maduro Board” further argued that Venezuelan assets held in the UK could be used to fund an armed insurrection in Venezuela. This would put the UK in a dangerous, embarrassing, and virtually unprecedented position.
• Specifically, the “Maduro Board” referred to a book published by former US Secretary of Defence Mark T. Esper, in which he described discussions with Guaidó about a “special operation targeted directly at Maduro.”
• While the UK courts are assessing technical matters of law, this is a political case, as it rests on the UK’s recognition of Guaidó as Venezuelan president in 2019.
• The UK’s decision to recognize Guaidó, and to freeze Venezuela’s gold, was made under US pressure. The US is now (gradually) normalizing relations with Venezuela, in light of the international oil context.
• It remains possible that the UK will hand over Venezuelan state assets to Guaidó, even while the US government distances itself from him. This is a farcical situation that the UK finds itself in.
• There is not yet a date for the appeal, but I will update this thread when there is. It’s an incredibly important issue—a matter of modern-day piracy—which the UK press has either downplayed or ignored.

(RedRadioVE) by Victoria Torres, with Orinoco Tribune content

Translation: Orinoco Tribune

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