Cisneros Family Member Milagros Cisneros Fajardo Agrees to Pay $9.25 Million to End Suit

After fighting a multi-million dollar judgment for more than a decade, a member of Venezuela’s prominent Cisneros family consented during trial to pay a Venezuelan bank for defaulted loans.

Three days into a Miami-Dade Circuit jury trial last week, attorneys for Milagros Cisneros Fajardo agreed she would pay the full $9.25 million amount demanded by Banco Latino.

As sole shareholder of the company Explotaciones Mineras de Venezuela, known as Exmivenca for short, Cisneros took out loans for her coal mining company and signed a $2.5 million promissory note to the bank’s U.S. subsidiary, Banco Latino International, in 1993. The bank claimed she failed to pay when the loans were due.

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