BSJI Awarded $96.5 Million in Landmark Judgment Against PDVSA
Judgment by Lisbon court highlights BSJI's commitment to transparency, accountability, and the rule of law in international finance
GUAYNABO, Puerto Rico, Dec. 2, 2025 /PRNewswire/ -- Banco San Juan Internacional (BSJI) announced today that the Lisbon Civil Court has issued a landmark judgment in its favor against four subsidiaries of Petróleos de Venezuela, S.A. (PDVSA). The Court awarded USD 96.5 million plus interest, bringing the total to more than USD 100 million, for breaches of two credit agreements executed in 2016 and 2017. The ruling applies to PDVSA Petróleo, S.A., Commerchamp, S.A., Petrocedeño, S.A., and Petropiar, S.A.
The dispute began in the English courts, where in 2020 and 2021, the High Court held that PDVSA had failed to meet its contractual payment obligations to BSJI. When PDVSA took no steps to satisfy that judgment, BSJI turned to Portugal, where PDVSA and its subsidiaries maintained bank accounts.
Following a trial that spanned more than two months, the Lisbon Civil Court issued one of the most consequential financial rulings against the Venezuelan state-owned oil conglomerate in Europe. The Court found that each subsidiary is liable for the debts of the others, supporting the attachment of more than USD 100 million held by the PDVSA entities in a Portuguese bank.
In piercing the corporate veil, the Court cited the subsidiaries' lack of independent economic activity and their operational integration with PDVSA, concluding that the Venezuelan government effectively directs the corporate group as an instrument of the State.
"This ruling underscores the strength of contractual enforcement and the importance of transparency and accountability in cross-border finance," said Héctor J. Vázquez, CEO of BSJI. "We welcome the Court's decision and are swiftly moving to enforce the judgment in accordance with Portuguese and international law."
The decision reinforces BSJI's position as a leading international creditor institution committed to upholding the integrity of financial agreements.
About BSJI
BSJI is an international financial institution specializing in structured trade finance, credit solutions, and emerging-market transactions. The firm maintains a global presence with a focus on legal and financial integrity in complex sovereign and corporate finance cases.
SOURCE BSJI
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