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BES liquidators demand €14 million from former Directors

besLiquidators of the bankrupt bank, Banco Espírito Santo, are to chase former directors for €14 million due to ‘irregularities’ committed prior to the bank’s rescue by taxpayers.

The liquidation commission also is demanding money from Goldman Sachs, which advanced an €835 million loan when it was clear that BES was insolvent and close to collapse. Goldman Sachs picked up €50 million in interest and €54 million in commission for arranging the loan.

BES's liquidation commission already has notified 15 former bank administrators that it wants €14 million for distribution to creditors and €90 million related to interest and commissions of the loan granted by Goldman Sachs International to BES in 2014.

The liquidation commission concluded that the former directors had, "carried out acts of dissipation or concealment of their assets" as well as acts that “diminished, frustrated, hampered and / or delayed BES creditors.”

The €14 million is just a start as Ricardo Salgado, for example, has not yet been notified, so the total will increase.

The former directors all have challenged the liquidator’s claim.

Among them are Amílcar Morais Pires, José Maria Ricciardi, Joaquim Goes, António Souto, João Freixa, Jorge Martins, José Manuel Espírito Santo, Pedro Mosqueira do Amaral, Ricardo Abecassis, Rui Silveira, João Faria Rodrigues and Stanislas Ribes.

Those still to be named are Ricardo Salgado, Manuel Fernando Espírito Santo Silva and Pedro Matos Silva.

The liquidation commission claims that these directors were responsible for the bank's collapse and an overall loss of €5.9 billion.

The defence presented by Goldman Sachs at the Lisbon Commercial Court, where the BES liquidation is taking place, the payment of interest and commissions is normal practice in international finance and linked to the remuneration associated with a loan of that magnitude.

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Comments  

+11 #2 Peter Booker 2019-04-10 08:53
Well, it´s a start, I suppose. But, if a billion is a thousand million, then this €14 million represents about 0.2% of the actual losses.

And if it was clear that BES was insolvent and close to collapse, why should Goldman Sachs lend so much money? Unless, of course they expected that Portugal´s taxpayers would be forced to bail them out.
+5 #1 Maxwell 2019-04-10 07:32
Unless developed country foreigners like the US Vulture Lone Star are behind this liquidation it will get no where. The Liquidators will have been hand picked as friends and family of the very people they are supposed to be chasing.
Corruption in Portugal is so widespread because it is being driven by 'cooperative' Regulators, Police and Judicial Officers - as in the days of Salazar - looking away not towards it ! Try and get a corrupt GNR non-investigation re-examined and see for yourself!

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