Supreme Court hands down judgment on Central Bank of Venezuela case

22 December, 2021

The Supreme Court on 20 December 2021 handed down its 77 page Judgment in the ongoing litigation which has involved the question of which of two boards, called “Maduro Board” and the “Guaidó Board”, are entitled to give instructions on behalf of the Central Bank of Venezuela (“BCV”) to financial institutions in England and Wales.

The Supreme Court held that Her Majesty’s Government had recognised Mr Guaidó as President of Venezuela. 

It also held that the outcome of the UK litigation depends on whether Judgments by Venezuela’s Supreme Tribunal of Justice (“STJ”), inter alia, striking down as unconstitutional Mr Guaidó’s appointment of the Guaidó Board should be recognised or given effect in this jurisdiction.

The Supreme Court remitted the case back to the Commercial Court for it to decide whether the STJ Judgments should be recognised or given effect in this jurisdiction.

Read the full Judgment here.

Professor Dan Sarooshi QC, Brian Dye and Mubarak Waseem appeared in the Supreme Court as part of the legal team for the Central Bank of Venezuela as represented by the Maduro Board together with Sir Jeffrey Jowell QC, Nicholas Vineall QC, Jonathan Miller and Naina Patel. They were instructed by Zaiwalla & Co.