Paul William, son of William Joseph builder who paid commissions to former President of BES, Ricardo Salgado, holds 9% of the Participation Fund Savings Montepio General (CEMG), which owns approximately 11.75% of Savings Montepio General, Commercial Bank of mutual group.
One of the objectives of the various surveys underway in the group headed by Tomás Correia aims not only to determine whether the best practice of lending decisions are met, but also to ascertain whether cross business relationships within the group are correct.
The Participation Fund Savings Montepio General (CEMG), consisting of Units (UP), worth 200 million was established in December 2013 with the aim of helping to strengthen the capital of commercial bank the mutual group. It is a financial investment (and not a mutual fund), which was placed with customers CEMG
The Participation Fund Economic Montepio Box contains two major holdings:. Guilherme Paul’s, which UP has 18 million, and Eurico Brito, Angolan investor with 10 million titles. These two information are available on the bank led by Tomás Correia site. In practice, the two investors are “shareholders” indirect CEMG. Paul William is the son of José Guilherme builder who paid commissions to Ricardo Salgado for services rendered by the banker during his entry into Angola and, according to the Business Journal, will be offered a gift of € 14 million at the same banker.
The UP Fund Cash Montepio General Economic Interest (CEMG) were made available to customers with the promise to surrender an interest of at least 5%, which is not yet verified. In terms of market, the most active buying the UP is concerned the bank’s mutual group, which enables to have dominion over the price of securities (that do not give rights of a listed share). The August 6 were traded at 0.80 cents.
Strategy disputed
is recalled that the decision to create a fund to strengthen the capital CEMG target was strongly opposed by Lonrho, for the first time in 170 years of history of CEMG the Mutual Benefit Association (the head of the General Montepio group) no longer holds a 100% stake in CEMG.
As the holders / UP have neither the right to participate in the life of CEMG, nor to be informed about their management decisions, are represented by an elected element (each corresponds to one vote UP) and he Paulo Guilherme.
The group led by Thomas Belt, who on Monday night was TVI ensure that the institution is solid, has been at the center of the controversy that led to the back of the commercial banking group, CEMG target of several inspections by the Bank of Portugal. Not only to assess whether the credits (and renewal claims) were granted to large customers in the right way, but also to determine whether there is “promiscuity” in business within the group.
Weeks before Carlos Costa have ordered one independent to the MG, which began July 25 (in charge of Deloitte), Alvaro Damaso audit ex-president of the Lisbon stock exchange values, left the management of Caixa Económica, not knowing if there is any relationship between the two initiatives.
Business real estate
The latest reports and accounts of the group led by Thomas Belt, who chairs both the AM or CEMG, realize business conducted intra- group that generated controversy. A transaction involving 96 fractions of real estate, moved between the AM (the holding company) and the commercial bank, CEMG, registered in about 40 million portfolio. This batch of 96 properties including 35 fractions of a wider portfolio of properties that were transferred to the Mutual Benefit Association under the OPA launched in November 2010 on the Finibanco (AM 341 million paid by Finibanco). For the OPA, Finibanco had 35 properties valued for € 6.4 million (but its net worth was 3.3 million).
In 2011, the PM gave them (the 35 fractions) to the same CEMG 6.4 million. The June 29, 2012, CEMG resold Mutual Benefit Association (the group head) the same 96 fractions, for € 76.7 million (increase of around 50%), but the equity value was 16.6 million . The scripture was part of the 35 fractions inherited buildings Finibanco who returned to the point of origin, but now accounted for 10.9 million. The AM returned in 2013 to devalue their properties from 25% to 30%. All information is in the report and accounts.
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