Britain’s judicial system may be about to give $1 billion (£770 million) to one of the world’s most notorious dictators. Nicolás Maduro, the Venezuelan strongman, wants access to gold reserves held by the Bank of England. The leader, internationally condemned for chronic mismanagement of the economy and facilitating vast corruption, says he’ll use the funds to fight the coronavirus.
The Bank of England holds assets belonging to many countries, and the Venezuelan gold has been with the bank since 2008, when it was deposited by Maduro’s mentor, Hugo Chávez.
The High Court of England and Wales ruled against Maduro’s claim to the gold in July, asserting that in Britain’s view, Maduro is not the legitimate Venezuelan president. He appealed and sued the Bank of England.
On Monday, the Court of Appeal annulled the High Court’s ruling because Britain has retained formal diplomatic relations with Maduro. The judges were unable to make a conclusive ruling and asked the Foreign Office to stipulate whether it acknowledges Maduro as the de facto president.
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