Banco San Juan obtains $100 million ruling in Lisbon against Venezuela's PDVSA

Puerto Rico's Banco San Juan Internacional said on Tuesday it obtained a favorable ruling from the Lisbon Civil Court against Venezuela's state-run oil company PDVSA and subsidiaries for $96.5 million plus interests.

Puerto Rico's Banco San Juan Internacional said on Tuesday it obtained a favorable ruling from the Lisbon Civil Court against Venezuela's state-run oil company PDVSA and subsidiaries for $96.5 million plus interests. The dispute, which began in English courts, was later filed in Lisbon, where PDVSA maintained bank accounts. PDVSA failed to meet contractual obligations related to two credit agreements executed in 2016 and 2017, the bank said in a release.

"The court found that each subsidiary is liable for the debts of the others, supporting the attachment of more than $100 million held by the PDVSA entities in a Portuguese bank," Banco San Juan added. The ruling affects PDVSA's subsidiaries PDVSA Petroleo and Commerchamp and joint ventures Petrocedeño and Petropiar.

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