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- Dec 21, 2009
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In a case that is set to determine the fate of almost £1.4bn of Venezuelan gold deposited in the Bank of England, UK’s Foreign Secretary Dominic Raab has been granted permission to intervene at the Supreme Court during a hearing scheduled for next month.
The case at the highest court in the land is between the Central Bank of Venezuela (BCV) and the administration set up by Venezuelan opposition leader Juan Guaidó, who challenges the authority of the BCV board to deal with Venezuela’s overseas assets.
After a loss in the Court of Appeal, Guaidó is seeking to overturn a judgment that found that both the incumbent Venezuelan President Maduro and Guaidó could be recognised by the UK government in different capacities.
The Supreme Court hearing is scheduled for 19 July, and permission has now been granted for the Foreign Secretary’s legal representatives to make submissions regarding the case before the case at the highest court begins.
Read more: Maduro government wins legal appeal over Venezuela gold held by Bank of England
The BCV wants to sell around €1bn of those foreign reserves so that the proceeds can be transferred to the United Nations Development Programme to procure humanitarian aid, medicine and equipment needed to fight the Covid-19 pandemic in Venezuela, the Venezuelan government has said.
After a High Court judgment in July 2020 determined as a preliminary question that the then foreign secretary Jeremy Hunt’s statement recognising Juan Guaidó as “constitutional interim President of Venezuela” was unambiguous and binding on the Court under the “one voice” principle, the Court of Appeal in October disagreed and granted the BCV’s appeal, directing that the case should return to the High Court.
Read more: Exclusive: Meet the former UBS and JPMorgan heavyweights shaking up private banking
The Court of Appeal concluded that absent a clear indication from the UK Government that Guaidó was recognized not only as the de jure Head of State of Venezuela, but also the de facto Head of State, the English Court would need to conduct a detailed factual inquiry.
Lazima UK warudishe dhahabu ambayo siyo mali yao.
The case at the highest court in the land is between the Central Bank of Venezuela (BCV) and the administration set up by Venezuelan opposition leader Juan Guaidó, who challenges the authority of the BCV board to deal with Venezuela’s overseas assets.
After a loss in the Court of Appeal, Guaidó is seeking to overturn a judgment that found that both the incumbent Venezuelan President Maduro and Guaidó could be recognised by the UK government in different capacities.
The Supreme Court hearing is scheduled for 19 July, and permission has now been granted for the Foreign Secretary’s legal representatives to make submissions regarding the case before the case at the highest court begins.
Read more: Maduro government wins legal appeal over Venezuela gold held by Bank of England
The legal battle so far
The BCV, represented by London litigation boutique Zaiwalla & Co, had filed a claim in May 2020 against the Bank of England in order to access part of the approximately £1.4bn of Venezuelan gold deposited in London.The BCV wants to sell around €1bn of those foreign reserves so that the proceeds can be transferred to the United Nations Development Programme to procure humanitarian aid, medicine and equipment needed to fight the Covid-19 pandemic in Venezuela, the Venezuelan government has said.
After a High Court judgment in July 2020 determined as a preliminary question that the then foreign secretary Jeremy Hunt’s statement recognising Juan Guaidó as “constitutional interim President of Venezuela” was unambiguous and binding on the Court under the “one voice” principle, the Court of Appeal in October disagreed and granted the BCV’s appeal, directing that the case should return to the High Court.
Read more: Exclusive: Meet the former UBS and JPMorgan heavyweights shaking up private banking
The Court of Appeal concluded that absent a clear indication from the UK Government that Guaidó was recognized not only as the de jure Head of State of Venezuela, but also the de facto Head of State, the English Court would need to conduct a detailed factual inquiry.
Lazima UK warudishe dhahabu ambayo siyo mali yao.
