Six members of the Holy Spirit family are the target of an action brought, already this year, 38 international investment funds, including several pension funds.
By António Sérgio Azenha, DR
A set of 38 international investment funds, including the government employee pension funds in California and Hawaii (two states), filed a lawsuit against the BES, BESI, six members of the Holy Spirit family, several former managers of BES and KPMG – the company that made the audit of the BES accounts. Investors claim the 31 defendants in solidarity payment of compensation
almost 106 million euros. Ricardo Salgado and Jose Maria Ricciardi
are targeted in the process.
The action was filed in the civil section of the Central Instance of Lisbon on 10 January this year and is related to the increase in BES capital in the first half of 2014. With the intervention of the Bank of Portugal BES in early August last year, the securities held by BES such investment funds were worth zero.
Investment funds claim, has learned the CM, that “investors made their investment decision based on inconsistent information, misleading and deceptive available in the capital increase prospect [BES], the which prevented them from percecionar relevant risk factors. “
It is for this reason that the investment funds consider that” the defendants omitted in the BES capital increase prospect that exposure BES to Rio Forte and subsidiaries [the Holy Spirit Group - GES] was not fully recoverable and, on the other hand, [this show] was not yet provisioned in BES accounts “
For investment funds,” the defendants should have been aware of the financial fragility of Rio Forte. ” And, according to the authors argue this lawsuit, this information should have been communicated to the market. In the list of the 31 defendants, the highlights, in addition to BES and BESI, members of the Holy Spirit family: in addition to Ricardo Salgado, former executive chairman of BES, and Jose Maria Ricciardi, President of BESI arise José Manuel Holy Spirit, former director of BES, Manuel Fernando Espírito Santo, former president of Rio Forte, Ricardo Abecassis Espirito Santo, former President of BESI Brazil and Pedro Mosqueira do Amaral, former administrator of the BES. Morais Pires,
former financial administrator BES, is also targeted in action.
Offshore used to escape the taxman
The offshore scheme used in the distribution of EUR 27 million of submarines of the committees had two aims: to deceive the IRS and hide the trail of funds received by the family Holy Spirit. The revelation was made in Parliament by Luis Horta e Costa, former director of Escom, the company GES who served as consultant to the Man Ferrostaal.
“It was in order to hinder information on the distribution of money and enjoy better days to bring the money to Portugal, “said the manager of the investigative commission. Asked about that is that funds intended to conceal, Luis Horta e Costa was clear: “. I believe that the Board has always had a problem of any reputational point of view” Horta e Costa acknowledged that the three members of the management of ESCOM and his brother Miguel Horta e Costa, who was business consultant, received the EUR 16.5 million Germans. “The payment also admitted, was conducted by Freltree background, based in Panama and created by Brazilian bank Pactual.
“No politician took a penny”
Luis Horta e Costa ensured that Escom, a company of GES, not paid kickbacks to policy makers in the business of submarines. “No policy maker took a penny of Escom,” he said. “If there was corruption in Portugal I do not put your hands in the fire, but using Escom as a vehicle for this type of practice has not happened, “he said. Horta e Costa does not exclude the possibility that the Germans had tried to corrupt people in Portugal.” We had to terminate unilaterally the contract with Ferrostaal when we felt that the paths that were to go were not the best. “The manager said the sixth man to receive the commission was his brother, Miguel, consultant.
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