The Commercial Court of the High Court of Justice of England denied Nicolas Maduro’s dictatorship access to the gold equivalent of nine hundred and thirty million Euros (930,000,000) that the regime intended to claim illegitimately.
The sentence details that, as stipulated by the Venezuelan Constitution, this request must be passed and approved by the National Assembly, an action that has not taken place.
In addition, Juan Guaidó is recognized as the president in charge of Venezuela, so he is solely responsible for appointing a board of directors to represent the BCV and dispose of its assets.
In view of this irregular situation, the court decided to “initiate a special procedure”.
The Office of the Special Prosecutor, in coordination with the ad-hoc administrative board of the Central Bank of Venezuela (BCV), defends the assets of the BCV against the claim of Maduro’s regime to appropriate nine hundred and thirty million Euros (930,000,000.00 E), allegedly to finance aid programs for the Coronavirus pandemic of the United Nations Development Program (“UNDP”).
Thus, on May 14th, 2020, Maduro’s regime, invoking the representation of the BCV, sued the Bank of England before the Commercial Court of the High Court of Justice, requesting the transfer of the aforementioned amount. However, as the Bank of England itself has already made clear, the UNDP does not have any specific agreement with Maduro’s regime, nor does it have the capacity to administer the requested resources.
In addition, any BCV expenditure must be based on the prior budgetary authorization issued by the National Assembly based on Article 314 of the Constitution. In addition, only the ad-hoc administrative board appointed by the President in charge Juan Guaidó, within the framework of his autonomy, could represent the BCV to dispose of the use of its assets. Thus, the real purpose of the Maduro regime is to dispose of BCV resources outside adequate parliamentary controls, all of which will only encourage even more corruption.
A hearing was held on May 28th, at which the Court, accepting the arguments of the BCV’s ad-hoc board of directors and the Bank of England, agreed to initiate summary proceedings to determine which authority can represent the BCV, which will begin no earlier than June 22nd. This will also allow another case to be resolved before the same court, in which Maduro’s regime intends to appropriate around 120 million dollars derived from the termination of a gold swap contract.
The London Court denies Maduro’s request to take control of the BCV’s gold and agrees to initiate special proceedings: pic.twitter.com/Z25vEJ90Ff
– Special Prosecutor’s Office of the Republic of Venezuela (@DeProcuraduria) May 28, 2020