Venezuela will recover the frozen funds after winning a lawsuit in Portugal – Escambray

The court ruling ordered Novo Banco to pay the final balance on the date of cancellation of the contracts and also interest for late payment from the moment of notification of the order.

Últimas Noticias reported on Wednesday that the victory of a legal dispute between Venezuela and Portugal would allow the South American country to recover more than $1.7 billion that has so far been seized in Banque Novo.

According to the ruling of the Central Civil Court of Lisbon, the financial entity is required to comply with the transfer orders made in respect of the values ​​deposited.

That judiciary said the signatories to the letters sent by the plaintiffs, in which the defendant Novo Banco was instructed as to the destination of the funds in the accounts, were legitimate representatives of the plaintiffs and acted accordingly.

She added that since these instructions are strictly binding, Novo Banco is obligated to comply with them.

Accordingly, the court ruling ordered Novo Banco to implement the final balance payment on the date of cancellation of the contracts and also the interest for late payment from the moment of notification of the order, the communication indicated.

The report indicated that on April 24, 2019, Venezuelan President Nicolás Maduro denounced the seizure of more than $1.7 billion in the Bank of Portugal.

The newspaper reported that the resources were being withheld as part of the US government-orchestrated persecution of the economic body of the South American country, as denounced by the president.

The governor explained at the time that the money withheld from Venezuela was mostly intended for the purchase of medicine and food for the citizens.