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August 10, 2023

Venezuela Wins Fight to Recover $1.5B of Frozen Funds from Novo Banco
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Venezuela has won a major legal battle to recover about $1.5 billion
that had been confiscated by the Portuguese bank Novo Banco, which is
largely owned by the U.S. private equity firm Lone Star. For years the
Venezuelan government has decried international sanctions that have led
to foreign banks freezing its overseas assets. In 2021, The Intercept
reported Venezuela was blocked from using some of the money held by the
bank to buy millions of vaccines for children.


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