KPMG has no evidence that financing scheme with losses … – Business Journal – Portugal

KPMG has no evidence that financing scheme with losses … – Business Journal – Portugal

KPMG has no evidence that financing scheme with losses for BES has helped the GES

“We have documentary evidence that the transactions [the financing scheme that caused losses to BES] have been made by Eurofin and the money has been used for debt payment of GES BES customers, “said Inês Viegas, KPMG.

It was the Holy Spirit himself who informed the Bank that KPMG financing scheme that caused losses to the bank in the first half of 2014 was being used for the Holy Spirit Group pay debt to its customers. KPMG not sure of that. Nor has evidence that Eurofin has been used in that operation.

It is known that there is a scheme in which the BES issued bonds and put them through intermediaries (which may have been many). After the Holy Spirit Bank Panama, which belongs to the GES, bought and sold the same securities to third parties. “What apercebíamos us is that Panama bought and sold and made almost instant win” described Inês Viegas, a partner at KPMG.

However, these gains were not suitable for GES unit. [The appropriation was to be made by] third parties and to this day do not know who is, “said the head of KPMG, which auditava BES, the commission of inquiry.

When Communist MP Michael James, Inês Viegas explained that it was his own finance department of the bank, led by Isabel Almeida, who said who was recording the gains with those operations (which ended up causing losses to BES, that repurchased at a lower price than the issue) was the Espírito Santo Group.

In this explanation, Inês Viegas read the minutes of a meeting of the BES Board of Directors of 30 July 2014, in which he said that was the finance department of the bank which reported that “transactions were made through the Eurofin” and that they served to “GES debt payment held by BES customers.”

The very Ricardo Salgado, at his hearing, said that even . “As I hope will be thoroughly demonstrated, the sole purpose of these operations passed the protection of BES customers,” said the former banker. But KPMG has no physical evidence of this.

“We have documentary evidence that the transactions have been made through the Eurofin and the money has been used for debt payment of GES customers BES “said Inês Viegas.

This is an issue that has generated many doubts over the commission of inquiry, as there is difficulty seeing all funding scheme, namely the intermediate group and beneficiaries of this scheme, which contributed to the damage reached the 3,577 million euros in the first six months of 2014 – which led the Bank of Portugal to choose the resolution as the bank’s ratios would be lower than required by regulators.

The regulator said in a scam possibly the first time referred to these operations but the forensic audit that is doing – and it will look, too, about it – although promised for October 2014 is not yet complete.