Four years ago, the UK government recognised Juan Guaidó as Venezuela’s president. He’s now gone, but the Bank of England is still holding some of the country’s key assets.
JOHN McEVOY
JOHN McEVOY
Part 4 - The legal battle
The UK’s recognition of Guaidó triggered a protracted legal battle over the gold.
In May 2020, the Maduro government sued the Bank of England over its refusal to release the gold. The issue then moved to the courts, centring on whether the UK government recognised Guaidó, and if the Bank of England could therefore act on instructions from his “ad-hoc board” of the Central Bank of Venezuela.
Throughout this time, the UK government consistently supported Guaidó’s case by emphasising its recognition of him.
In 2020, for instance, the Foreign Office provided a written certificate to the courts to confirm that the UK still “recognises Juan Guaido as the constitutional interim President of Venezuela”.
In 2021, the Foreign Office even acquired the services of Sir James Eadie QC and Jason Pobjoy (of Blackstone Chambers) and Sir Michael Wood and Belinda McRae (of Twenty Essex) – some of the country’s top lawyers – to present its case on recognition of Guaidó at the Supreme Court.
In May 2020, the Maduro government sued the Bank of England over its refusal to release the gold. The issue then moved to the courts, centring on whether the UK government recognised Guaidó, and if the Bank of England could therefore act on instructions from his “ad-hoc board” of the Central Bank of Venezuela.
Throughout this time, the UK government consistently supported Guaidó’s case by emphasising its recognition of him.
In 2020, for instance, the Foreign Office provided a written certificate to the courts to confirm that the UK still “recognises Juan Guaido as the constitutional interim President of Venezuela”.
In 2021, the Foreign Office even acquired the services of Sir James Eadie QC and Jason Pobjoy (of Blackstone Chambers) and Sir Michael Wood and Belinda McRae (of Twenty Essex) – some of the country’s top lawyers – to present its case on recognition of Guaidó at the Supreme Court.
It thus looks certain that the UK government has spent a significant amount of public funds on this case. This casts obvious doubts on the UK government’s claim that this is merely a matter for the Bank of England or the courts: the UK has invested both political and seemingly financial capital into this case, with the explicit intention of overthrowing the Maduro government.
Declassified asked the Government Legal Department how much was spent in legal costs on this case. A spokesperson for the Department said: “We will not comment further due to ongoing legal proceedings”.
With each hearing, Guaidó and his representatives also incurred substantial costs. Recently published accounts suggest that Guaidó’s team spent over $8.5m on legal fees – roughly £7m.
Remarkably, Guaidó’s UK legal fees were paid with money which was originally appropriated from the Venezuelan state in the US.
Declassified asked the Government Legal Department how much was spent in legal costs on this case. A spokesperson for the Department said: “We will not comment further due to ongoing legal proceedings”.
With each hearing, Guaidó and his representatives also incurred substantial costs. Recently published accounts suggest that Guaidó’s team spent over $8.5m on legal fees – roughly £7m.
Remarkably, Guaidó’s UK legal fees were paid with money which was originally appropriated from the Venezuelan state in the US.
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