FX.co ★ UK High Court denies Nicolas Maduro’s claim for $1 bln in gold

Odious Venezuela’s strongman Nicolas Maduro does not abandon hope to seize the national gold. In fact, Maduro’s service as the autocratic ruler has been unfolding under a popular scenario. An empty Treasury, maladministration, appropriation of public property, and withdrawing valuables abroad are the common practice among those who captured power. As soon as they face the prospects of being ousted, they buy a one-way ticket, stuff a helicopter with gold, siphon off huge public money to their personal accounts, and bid their homeland a farewell.

Since 2018, Nicolas Maduro has been seeking to retrieve Venezuela’s gold reserves which have been long stored at the Bank of England. The gold belongs to the Bolivarian Republic, not personally the former President. The UK High Court ruled on Thursday that Nicolas Maduro has no right to take control of $1 billion (€890 million) in gold that Venezuela’s government has held in a Bank of England vault. High Court judge Nigel Teare said: "Her Majesty's Government does recognise Mr Guaidó in the capacity of the constitutional interim president of Venezuela and, it must follow, does not recognise Mr Maduro as the constitutional interim president of Venezuela." He added that there was "no room for recognition of Mr Guaidó as de jure president and of Mr Maduro as de facto president". "The judiciary and the executive must speak with one voice. There cannot be two presidents of Venezuela," the judge commented on the verdict.

Remarkably, clinging to power Maduro’s government does not to loosen its grip on Venezuela’s central bank. On Maduro’s request, the regulator filed a lawsuit against the Bank of England following its refusal to release the gold. The lawyers representing Maduro at the court claim the lion’s share of the national gold reserves as is it urgently needed to revive the coronavirus-stricken economy. At the same time, Maduro is engaged in a legal battle with his opponent National Assembly leader Juan Guaido. He believes that he should manage the gold reserves because almost 60 countries acknowledge him to be the rightful interim President of Venezuela.

Meanwhile, Nicolas Maduro is willing to challenge the ruling of the British High Court at a higher authority.