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Court says Bank of England can't return Venezuelan gold to Maduro
UK Court Blocks Maduro's Bid to Access $1 Billion in Venezuelan Gold
By Isa Soares and Vasco Cotovio
Thursday, July 2, 2020
Venezuela's embattled ruler Nicolás Maduro has been denied access to roughly $1 billion in gold reserves held by the Bank of England after a UK court ruled that the British government has recognized Juan Guaidó as president.
Venezuela's central bank, which is still controlled by Maduro's government, had sued the Bank of England, seeking access to E930 million ($1 billion) in gold reserves that it said would help the country cope with the coronavirus pandemic. Venezuela intended to liquidate the gold to purchase health care supplies and food through the United Nations Development Programme, according to court documents.
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But the British government, along with the U.S. government and dozens more worldwide, recognizes Guaidó, rather than Maduro, as Venezuela's legitimate leader. Venezuela's political turmoil stems from 2018, when Maduro secured another six-year term in presidential elections widely viewed as a sham.
The High Court in London today ruled the cash-strapped Maduro government, with judge Nigel Teare saying that Guaidó had been "unequivocally recognized" as president of Venezuela by the UK government. ...
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