UK 'unequivocally recognises' Venezuela's Maduro government, High Court told

[Judi Lynn]

PA
Jun 22nd 2020 6:31AM

The UK “unequivocally recognises” the government of Venezuelan President Nicolas Maduro despite considering his position to be “illegitimate”, the High Court has heard.

Banco Central de Venezuela (BCV) is battling for the release of one billion US dollars (£800 million) of gold bullion held in the Bank of England’s vaults on its behalf, which it wants to sell to help tackle the country’s coronavirus crisis.

BCV says it has agreed to transfer the funds to the United Nations Development Programme (UNDP) to buy “healthcare equipment, medicines and basic foodstuffs” to address the Covid-19 emergency in Venezuela.

But the Bank of England (BoE) says it is “caught in the middle” of rival claims to the gold: from the BCV board appointed by Mr Maduro and an “ad hoc” board appointed by opposition leader Juan Guaido, who has asked the BoE not to “act on instructions from the Maduro board”.

At a remote hearing on Monday to decide who the UK Government formally recognises as the president of Venezuela, Nick Vineall QC – representing the “Maduro board” of the BCV – said: “There is one, and only one, functioning government in Venezuela: the Maduro government.”

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