SEATTLE (Scrap Monster): A UK Supreme Court has started its hearing to decide upon whether the gold stock held in Bank of England’s vaults must be released to the Venezuelan central bank, under the control of Nicolas Maduro administration. It must be noted that Venezuela’s gold held with the BOE has been retained by it following British and U.S. sanctions on Maduro’s government.
Meantime, the British government has reiterated its support to opposition leader Juan Guaido. The Foreign, Commonwealth & Development Office (FCDO) Counsel, while presenting arguments on behalf of the Foreign Secretary, said that the UK recognizes Juan Guaido as President of Venezuela and consequentially he is the only individual recognised to have the authority to act on behalf of Venezuela as its head of state.
The case came to the Supreme Court following the ruling by a lower court that UK’s recognition of Guaido was “ambiguous”.
As per reports, the Maduro administration is seeking immediate relief of the bullion in BOE vaults. It says that the gold needs to be released urgently so as to help the country fight the Covid-19 pandemic, by joining hands with the United Nations Development Fund (UNDF). On the other hand, the opposition intends to safeguard the gold, thus securing the country’s financial assets abroad.