UK court overturns Venezuela judgment in $1 billion gold tug-of-war

A tug-of-war over $1 billion worth of Venezuelan gold stored at the Bank of England took a new turn on Monday as the English Court of Appeal overturned an earlier High Court ruling on who the UK recognised as Venezuela's president. The Court of Appeal granted the Nicolas Maduro-backed Banco Central de Venezuela’s (BCV) appeal and set aside July's High Court judgement, which had found that Britain's recognition of opposition leader Juan Guaidó as "constitutional interim president of Venezuela" was conclusive. The BCV sued the Bank of England in May to recover control of the gold, which it says it will sell to finance Venezuela's response to the coronavirus pandemic.

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