Venezuela Wins Lawsuit in Portugal and Recovers Seized Assets

The Venezuelan government won the lawsuit filed before the Lisbon District Court against the Portuguese bank Novo Banco for the return of some $1.5 billion belonging to several public entities.

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The "Bolivarian Government wins lawsuit and recovers its assets in Portugal," said the Minister of Communication and Information, Freddy Ñáñez, on social networks. 

In a statement issued by the Lisbon District Court, the money held in Novo Banco was ordered to be delivered and immediately returned to the Venezuelan Government. 

According to the ruling, the Court declared the judicial appeal well-founded and, consequently, the Portuguese bank must deliver to the Venezuelan State "the payment of the final balance as of the date of cancellation of the contracts and the interest for late payment."

The tweet reads, "Venezuela recovers its assets! After spending three years in a legal battle, the Bolivarian Government wins trial to recover resources that had been blocked in Novo Banco, Portugal."

Lisbon-based Novo Banco is 75% owned by U.S. private equity firm Lone Star Funds. The government of President Nicolás Maduro has been working for years to obtain the return of Venezuelan assets held in the Portuguese bank.

The South American country has denounced on several occasions the sanctions imposed against it by the United States, as well as the stolen funds that are frozen in different international banks.