Filipe Alves and Ana Maria Barroso
The Tribunal Luxembourg rejected the application for controlled management of Espírito Santo Financial Group (ESFG), the holding company that is the largest shareholder of BES “bad” will proceed with the insolvency proceedings.
With the impracticability management of the subsidiary, the group will enter into bankruptcy, and it is expected the sale of its assets in short-term, to reimburse the creditors.
In a statement sent to the CMVM, ESFG announces that its call for both ‘holding’ as subsidiary Espírito Santo Financière (ESFIL) from entering controlled management was recorded. In its decision, with today’s date, the court of Luxembourg have argued that “the restructuring of ESFG and ESFIL was impossible and that the controlled management would not benefit the creditors,” explains the statement. This given, recalls ESFG , the resolution of Banco Espírito Santo and “ownership and sale of the ESFG in Insurance Tranquility. “
ESFG is the financial holding company of Grupo Espirito Santo (GES), being controlled by holding Forte Rio. Holds the investments of the Holy Spirit in the family banking and insurance business, including holdings in BES , the Tranquility and Banque Privée, among others.
Currently holds 20% of BES (“bad” bank), Banque Privée and banks family in Dubai and Panama, among other assets.
In addition to the ESFG , the court also flunked the application for controlled management of the Holy Spirit Financiere. On Feb. 6, the Luxembourg judicial authorities will decide the future of the Fort River itself.
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