A commercial court will decide if the Governing Council of the Central Bank of Venezuela appointed by Guaidó is legal
The Supreme Court of England and Wales has referred to the commercial court the decision on the future of 1,330 million euros from the Central Bank of Venezuela deposited in the Bank of England. Nicolás Maduro’s council asked for them in 2020 to combat the spread of the virus and the one appointed by Juan Guaidó also calls for them to prevent the money from falling into the hands of his rival.
The sentence of the five judges agrees “in part” with Guaidó, but refers to the Commercial Court the decision on the validity of their appointments to the Governing Council of the Central Bank of Venezuela. This step is essential so that the destination of the funds is established in accordance with the legality of the power of their administrators.
Maduro was reelected president of Venezuela in 2018, in elections whose legality was contested by the National Assembly. The president of the Assembly, Juan Guaidó, claimed the presidency based on the vote of the deputies and the constitutional rules. The British Government recognized Guaidó as provisional president of the republic.
Maduro requested the return of the 31 tons of gold deposited in the crypts of the Bank of England in order to use them against the pandemic. Many countries in the world keep their reserves in the British central bank. Guaidó and the London Government opposed this and in July 2020 the High Court of England and Wales agreed with Guaidó.
The Governing Council of the Central Bank of Venezuela nominated by Maduro appealed the sentence and the Court of Appeal agreed with him in October 2020, establishing a difference between the ‘de jure’ presidency of Guaidó and the ‘de facto’ of Maduro. The Council appointed by Guaidó appealed to the Supreme Court of England and Wales, the last judicial instance of the British system.
The Court had to decide, in the first place, if Guaidó is officially recognized by the British Government and confirms it, after requesting and receiving a formal statement from the Executive. But he has referred to the Commercial Court the other decision that corresponded to him, on the legitimacy of the Central Bank Council nominated by Guaidó. The Venezuelan Supreme Court has ruled that this council is illegal.
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