Daily Management Review

Court orders Portuguese bank to return frozen $ 1.5B to Venezuela


The court mandated that Novo Bank start paying the interest that is owed for a delay in 2019.

A Portuguese court ordered Novo Bank to pay the interest owed for a delay and unlocked Venezuelan assets worth $1.5 billion that had been blocked by Novo Bank since 2019. 

This is reported on the El Universal newspaper website in Venezuela, which also publishes a copy of the Lisbon court's ruling.

The publication recalls that in 2019, Venezuelan President Nicolas Maduro "demanded that the Portuguese government speak out about the embezzlement by Novo Bank of more than $1.7 billion, which were intended for the purchase of medicines and food" and were frozen under the guise of sanctions imposed on Venezuela.

source: eluniversal.com.mx