British Court Refuses To Release Venezuelan Gold To Maduro

“Her Majesty’s government has unequivocally recognised Guaidó as president of Venezuela. It necessarily follows that Her Majesty’s government no longer recognises Maduro as president of Venezuela…”

Cross-posted from Zero Hedge.

18 months ago, the ‘virtue-signaling’ Bank of England stuck a knife between the ribs of Venezuela’s embattled socialist leader, Nicolas Maduro, a former bus driver and anointed successor of Huge Chavez who managed to cling to power last year despite a Western-backed coup attempt led by opposition leader Juan Guaido, whose government was officially recognized by dozens of foreign governments.

But when the Venezuelan military refused to break with Maduro, choosing instead to back him over Guaido, Guaido gradually faded into irrelevance. He’s still there, and still claiming to be the legitimate ruler of Venezuela, but instead of looking like a credible alternative to Maduro, he’s sounding more like a deranged street preacher proclaiming that he is the one true messiah.

Despite the fact that Venezuela’s leadership is no longer in doubt, a lawsuit brought by the Venezuelan central bank against the British government seeking the release of the Venezuelan gold sitting in the BoE’s vaults ended on Thursday with a decision against the Maduro government, as it was denied access to $1 billion of venezuelan gold in the BoE vaults. Instead, the court ruled that it could only release the gold to the legitimate government of Venezuela. Since Britain recognizes Guaido as Venezuela’s legitimate ruler, the British government has legal standing to treat the Maduro government like an illegitimate regime, allowing the gov’t to essentially freeze and seize government assets at will

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