Venezuela wins lawsuit in Portugal and will recover blocked funds so far blocked in Novo Banco

Havana, Aug 10 (RHC) The victory of a Venezuelan lawsuit in Portugal will allow the South American nation to recover more than 1.7 billion dollars so far blocked in Novo Banco.

The newspaper Últimas Noticias reported on Wednesday that according to the sentence issued by the Central Civil Court of Lisbon, the financial entity will have to comply with the transfer orders given in relation to the deposited securities.

The court pointed out that the signatories of the letters sent by the plaintiffs, in which instructions were given to the defendant Novo Banco regarding the destination of the funds in the accounts, were legitimate representatives of the plaintiffs and acted as such.

It added that as such instructions were fully binding, Novo Banco was therefore obliged to comply with them.

The communication pointed out that the court's ruling thus ordered Novo Banco to execute the payment of the final balance on the date of cancellation of the contracts and also that of the interest for late payment from the moment in which the requirement was notified. (Source: Prensa Latina)