NOT MY PRESIDENT

English Court Blocks Maduro From Getting His Hands on $1bn of Venezuelan Gold

Maduro can’t get the gold after a court ruled that the U.K. doesn’t recognize him as president.

Nicolás Maduro’s administration has been told that it can’t access the $1 billion of gold Venezuela has stored in the Bank of England because Britain doesn’t recognize Maduro as the country’s president. Maduro’s administration launched legal action against the bank to try to force it to release the gold as it struggles for cash. But, on Thursday morning, England’s High Court said the British government had “unequivocally recognised opposition leader Juan Guaidó as president” rather than Maduro, so Maduro’s administration can’t have it. BBC News reports that Maduro requested the gold to help fund its fight against the coronavirus pandemic, but Guaidó asked the Bank of England not to hand it over, arguing that it would be misused. The bank then asked the High Court to rule whether the U.K. government recognizes Maduro or Guaidó as Venezuelan president. The Central Bank of Venezuela said it would appeal the “absurd” decision.