Home News Novo Banco blocks transfer of Venezuelan state funds

Novo Banco blocks transfer of Venezuelan state funds

Published on 07/02/2019

Novo Banco has halted a $1.2 billion (€1.06 billion) transfer set up by the Venezuelan government, under President Nicolas Maduro, to banks in Uruguay.

The government opposition already has denounced the planned theft of public funds with its leader, Juan Guaido, keen to halt any such transfers.

Untold millions already are thought to have left the country while international pressure builds to force Maduro’s resignation. The concern is that Maduro is siphoning funds overseas to ease any forced retirement from the presidency.

“They attempted to move Venezuelan government financial assets in Novo Banco in Portugal worth some $1.2 billion toward Uruguayan banks,”

“I’m pleased to inform the Venezuelan people that this transaction has until now been halted, protecting the resources of all Venezuelans,” said legislator Carlos Paparoni on Tuesday.

Portugal’s Novo Banco has not commented on its rejection of the transfer but has earned the thanks of the Venezuelan treasury and people.