Banco Espirito Santo has not declared its shareholder loans to the Holy Spirit International (ESI), made via Panama for two years, writes the Financial Times.
Documents cited by the newspaper raise new questions about the supervision of the Bank of Portugal, since these loans were not declared in the accounts of BES. The regulator had sensed adding that “fraudulent financing ‘involving non-financial companies in the Espírito Santo Group, but was unaware of the scheme loans made through Panama, which were carried out over several years.
” The Bank of Portugal not learned the lessons of previous bank failures. Supervision was too soft. The rules that exist on paper have never been effectively implemented, “writes the FT, citing a Portuguese banker on condition of anonymity.
These operations BES through Panama are being investigated within the forensic audit that is to be held by the central bank.
It will be recalled that this week was no change of chairs at the Bank of Portugal , with the appointment of Rosalino and Hélder António Varela for the posts of administrators regulator. Teodora Cardoso ceased mandate and Silveira Godinho.
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