British court to decide who owns Venezuela’s $1 billion gold bars

A court in London is set to finally decide who controls more than $1 billion in Venezuelan gold stored in Bank of England vaults.

Opposition leader Juan Guaido, who has won a string of lawsuits in Britain, is urging a judge to assert his right to scrutinize the bullion and says London courts can ignore decisions by Venezuelan judges.

The trial comes after the British government recognized Mr Guaido as Venezuela’s president.

Lawyers for Venezuelan President Nicolas Maduro, meanwhile, say the judge must consider the rulings of Venezuela’s courts regarding the appointment of Mr Guaido as the country’s central bank, saying the judge “should not rule on the decision of a foreign court”.

The long-running London legal battle has been one of the few bright spots for Mr Guaido, who has seen his support falter as President Maduro continues to cling to power.

His lawyers said yesterday the Venezuelan courts had demonstrated “systemic partisanship and a lack of independence”.

Lawyers for Mr Maduro insisted the gold reserves can be used to support the nation’s Covid-19 relief efforts if the London court recognizes Venezuela’s decisions.

Mr Guaido’s camp said it will be used for future generations of Venezuelans.

The verdict is expected after a four-day hearing. British court to decide who owns Venezuela’s $1 billion gold bars

Fry Electronics Team

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