Deutsche Bank AG - London Branch v Central Bank of Venezuela and Ors 2023 EWCA Civ 742 - 30 June 2023
Country
Year
2023
Summary
This is an appeal against a decision of Cockerill J that certain decisions of the Supreme Tribunal of Justice of Venezuela (the "STJ") should not be recognised or given effect in this jurisdiction (the "Judgment"). The central issue in dispute between the parties is which of two claimants, referred to for convenience in the proceedings as the "Maduro Board" and the "Guaidó Board" respectively, are entitled to give instructions to financial institutions in this jurisdiction on behalf of the Central Bank of Venezuela (the "BCV") and to represent the BCV in a London Court of International Arbitration ("LCIA") arbitration. The subject matter of the dispute comprises gold reserves worth around US$1.95 billion held by the Bank of England and a further sum of around US$120 million representing the proceeds of a gold swap contract. That further amount has been paid by Deutsche Bank AG to court-appointed receivers to hold for the BCV pending resolution of the LCIA arbitration.