No menu items!

Venezuela wins US$1.5 billion lawsuit in Portugal: Novo Banco ordered to return funds

The Foreign Minister of Venezuela, Yván Gil, announced that Venezuela has succeeded in a legal case in Portugal.

The judgment from the District Court of Lisbon instructs the Novo Banco in Portugal to return US$1.5 billion to the Bolivarian Republic of Venezuela.

The bank previously held this sum.

The judgment states that these assets should be restored to several Venezuelan banks and state-owned companies that had placed their funds with Novo Banco.

The reason for holding these assets, as claimed by the bank in 2019, was related to questions about the legitimacy of Venezuelan authorities.

Photo Internet reproduction.
Photo Internet reproduction.

Venezuela argued that withholding these funds was part of an external strategy to exert pressure on its legally recognized leadership.

Foreign Minister Gil emphasized that this outcome was achieved through persistent efforts and the resilience of the Venezuelan people and the leadership of President Nicolás Maduro.

The Portuguese court specified that the funds should be returned to the accounts of various Venezuelan institutions, including the Economic and Social Development Bank of Venezuela (Bandes), Petróleos de Venezuela S.A. (PDVSA), Petrocedeño, and other related Venezuelan oil companies.

Check out our other content