Almost 500 clients have been harmed by the commercial paper sold to the branches of the BES placed an interim injunction to prevent the Bank of Portugal may sell the New Bank so fractional, considering that they would be harmed in repayment of their loans.
“Want to, to this extent, that the Entity Required [Bank of Portugal] refrain from selling the entity to transition to the New Bank using a method that presupposes the selection of assets and the subsequent sale of the same form crumbled”, the document reads that gave entry to the Administrative Court of the Circle of Lisbon, the Lusa had access.
customers who who moved this action consider that the form of alienation, would put into question the “ability for the repayment of loans” on the part of the New Bank.
These 452 clients are part of 4,000 retail investors who, through 2,000 applications, have invested a total of 434 million euros in commercial paper of the companies Espirito Santo International and Rio Forte, through the branches of the Banco Espirito Santo (BES), money given nearly as lost at the time of the fall of the Espirito Santo Group (GES).
Since then, these clients have been harmed complain, as they explain in this new lawsuit, which is the New Bank – the bank of transition of the BES – the responsibility to pay the amount in question.
Remember also that, after the resolution of BES, the New Bank came to contact them, saying that it continued “to work jointly with the supervisory authorities, in search of a business solution to present to your customers,” admitting on another occasion that stayed with him the commercial paper of Espírito Santo International (ESI) and Rio Forte and that had the “intention of securing repayment”.
in fact, recall even though the Market Commission (CMVM) ruled in April 2015 that is the responsibility of the repayment was of the New Bank, adding then that there was a provision in the BES, before the resolution, precisely to pay these claims, and that also this provision should pass to the New Bank.
This process did not move forward, as the Bank of Portugal argued that the New Bank could only make that commitment if it does not leads to financial losses and was at the end of 2016 negotiated a mechanism for the solution that will enable customers to accept partially recover the losses.
However, these 452 clients move forward with a new lawsuit, since they are afraid that the sale of the New Bank put in question their rights.
“Because the assets of the New Bank is sold to different buyers, and being the entity itself crumbled, with which possibilities are the applicants? By that time, even though applicants to be able to a recognition of his right in respect of this entity transition or the annulment of the resolution, nothing will serve the sentence if not for encaixilhar”, claim in the lawsuit filed, adding that at that time, “possibly, the entity has already or will exist”.
These customers already have an action run in the Administrative Court, in which they ask that the New Bank will refund them the money in the debt that they say they believe that will win.
However, how to estimate that this decision will only be final in three to four years, want to avoid a partial sale of the New Bank that might jeopardize your rights.
So, ask the Administrative Court for a “guardianship, anticipatory of their rights” to ensure “the practical effect of the judgment that will be rendered in the administrative actions that are seekers”.
in This way, through an injunction, they want to be required to the Bank of Portugal that “to refrain from selling the assets of the entity to transition to the New Bank a fractionated through a mechanism of selection of assets, implying such a procedure, the award of the same to different buyers”.
These customers of the commercial paper may be included in the solution to the commercial paper negotiated in 2016 (between the Association of Outraged and Deceived of the Commercial Paper, the Bank of Portugal, CMVM and ‘bank evil’ BES, with the mediation of the Government).
The compensation mechanism was announced in December, is now starting to be operationalized and passes through the return to customers 75% of the amount invested, to a maximum of 250 thousand euros, in those who have applications up to 500 thousand euros, and 50% for the applications above 500 thousand, value that will be paid until 2019.
customers who wish to join this engine will have to fulfill a series of obligations, among which is to commit to renounce claims and legal proceedings against a number of entities, which, for now, are the Bank of Portugal, CMVM, the Resolution Fund banking, the State, the New Bank and your future buyer.
However, this solution is not to please all customers have been harmed, especially those with the most high, above 500 thousand euros, which does not agree with the value that they would be returned to you if they accepted the proposed agreement.
Contacted by Lusa, the attorney Nuno Vieira, which represents the customers of the injunction, stated that this lawsuit “nothing is in question in accordance with the Government”, because the aggrieved have the right to “ensure the rights” up to the moment that effect the contract of accession to the mechanism of compensation.
“I Admit that this procedure is more important for those people who do not want to accept the solution, but I don’t make a distinction clients,” said the lawyer, adding that even with “a single customer unhappy with the solution I would never leave to exercise their rights in court.”