UK court raises question over the control of Venezuelan gold stowed in London vault

A UK court on Monday, October 5 has raised questions over the control of nearly $2 billion Venezuelan gold stored safely in a London bank vault amid a huge political tussle between President Nicolás Maduro and his leading rival. The court ruled out a decision given earlier by a British judge granting control of the gold to U.S.-backed opposition leader Juan Guaidó. Many countries including Britain recognizes Guaidó as Venezuela's legitimate leader. 

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Court orders in-depth investigation

In addition, the appeals court has directed to initiate an in-depth investigation into the matter before both parties is granted access to the gold inside the Bank of England. Moreover, Maduro's government has demanded the gold stating that Venezuela will send some funds to the United Nations Development Program for essentials aid to fight the coronavirus pandemic. But the central bank in UK has denied the request of Venezuela's incumbent government to hand over the gold.

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Earlier in July, a judge calling Maduro's administration 'corrupt and illegitimate', supported Guaidó who is giving neck in neck battle to the ruling party. The opposition leaders have criticized Venezuela's ruling party claiming that the funds and aids woud never reach the patients battling COVID-19. Sarosh Zaiwalla, an attorney who represents Venezuela’s Central Bank controlled by Maduro has lauded the decision of the court for a further investigation into the matter. 

Meanwhile, Venezuelan President Nicolas Maduro urged all “countries that defend peace” to rally against the US sanctions on the Latin American nation and its allies. Speaking at the 75th session of the United Nations General Assembly, Maduro demanded to undo unilateral measures by the United States as the country faces a severe economic crisis.Trump administration has been trying to unseat Maduro through “maximum pressure” campaign and recognize opposition leader Juan Guaido as the country’s legitimate leader. Earlier this week, the United States announced sanctions on the Venezuelan President for “conventional arms-related activities” under the new executive order signed by US President Donald Trump.

Venezuela, one of the most urbanized countries in Latin America and once rich in crude oil, is facing a major economic downturn with more than 5 million people fleeing to neighbouring countries in recent years. The country is hard hit by soaring inflation and scarcity of basic goods which has left many struggling in poverty. 

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Inputs: AP