Portugal's Public Ministry finally has charged six defendants, including four former directors Banco Privado Português (BPP), of qualified tax fraud, abuse of trust and money laundering, crimes allegedly committed between 2003 and 2008.
According to the District Attorney General for Lisbon, the case which started in 2009 involves Joã Rendeiro (the bank’s former president) and former directors Paul Guichard, Salvador Fezas Vital and Fernando Lima, among others.
In the case for the prosecution, the amount of income unreported by the defendants in their tax returns was almost €16.5 million, relating to the years 2003 to 2008.
As for the crime of breach of trust, the investigators claim that almost €30 million was 'misappropriated' by the defendants, in other words, it was stolen by those in charge of depositiors' money for their personal use.
The State is after civil damages for the tax due on the income received and not declared by the defendants, including interest, all of whch comes to nearly €10 million.
It is not yet clear why the State also is not chasing the €30 million that was 'misappropriated.'
Some of the defendants already have made voluntary payments in the course of the investigation in the hope of receiving leniency. During the investigation, accounts were seized containing €12 million.
BPP, founded by João Rendeiro, is in liquidation.
Timeline:
On 24 July 2009, Paulo Guichard and Salvador Fezas Vital, two former board committee members of BPP were suspended by Banco de Portugal, and joined João Rendeiro in the BPP case, to be indicted for falsifying accounts, tax crimes and money laundering.
On 15 April 2010, the Banco de Portugal, "after verifying the impossibility of recapitalisation and recovery efforts of this institution", ordered the liquidation of Banco Privado Português.
On 11 October 2010, the Polícia Judiciária conducted searches at the homes of former officials of the BPP under the scope of an investigation into suspected money laundering and fraud.
On 11 February 2013, João Rendeiro, Fezas Vital and Paul Guichard, former members of the board committee were charged by the Public Ministry with fraud, in a matter of a Collective investment scheme that damaged hundreds of clients for an estimated 41 million euros.
In May 2015, assets from João Rendeiro were seized to pay a €4.7 million fine from the Bank of Portugal.
