Puerto Rican Bank Seeks Early Win In PDVSA Loan Suit

Law360, London (October 16, 2020, 5:16 PM BST) -- A Puerto Rican bank told a London judge Friday that Petróleos De Venezuela SA cannot rely on U.S. sanctions to avoid paying £29.2 million ($37.7 million) allegedly due under two loans.

Adam Al-Attar, counsel for Banco San Juan Internacional Inc., told Judge Sara Cockerill the Venezuelan state-owned oil company's defense to his client's claims "does not get off the ground," urging the court to grant the bank summary judgment.

Banco San Juan, which is incorporated in Puerto Rico, a U.S. territory, is suing PDVSA to recover money it claims is outstanding under two credit facilities from 2016 and 2017 worth a...

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