Whether for the Government and for the administration of BES, this specialist in derivatives was challenged in an unusual manner. But the strong theme of his testimony were the-comfort letters passed by Ricardo Salgado to a Venezuelan background.
In early June, Rita Barosa, were called to a high-level meeting on the BES. A Venezuelan fund that held 267 million in debt Holy Spirit International (ESI) – a bankrupt company, with more than 1.3 billion euros hidden liabilities – intended to recover th eir money. BES studying a way to save “the customer” without jeopardizing the company of the group, which obviously could not have liquidity to pay.
The advisor to the administration, which returned to the bank after two months in Government, Local Government as Secretary of State in the Miguel Relvas team, should help executives BES to see if it would be possible to find another bank available to advance money to Venezuelans, accepting as collateral debt ESI . Impossible, assured Rita Barosa. No bank would. Then Ricardo Salgado triggered plan B. Letters of comfort, on behalf of BES, ensuring the money.
Rita Barosa said in Parliament on Wednesday, which opposed. Or rather tried to dissuade the administration. “It was imprudent. It did not make any sense the bank issuing these mails. If I were an institutional investor that letter would not serve me as collateral. Financial terms seemed to me very basic, “said, under questioning by Mr Pedro Alves, the PSD.
The subject ran most of the questions from that point on. Filipe Brandão Neto, PS, pointed out a problem: these letters violated the ring fencing – that is, the attempt of the Bank of Portugal to impose a reduction in BES loans to loss-making enterprises of the Holy Spirit Group – because with this express warranty BES would eventually take GES damage.
Rita Barosa was manager of several companies of the GES, in finance. Directed departments. He came to be proposed to the government in June 2014, in the famous – and unsuccessful – list led by Amilcar Morais Pires. Cecilia Meireles, CDS, asked the question that was still to do: Who invited? The answer could not have been more confusing: “I understand the legal department.” How … received a phone call from a BES lawyer who asked him the “curriculum”?. “I asked what was the reason and he explained to me.”
Michael James, the CFP, which took the floor the next time, decided to clarify the invitation Rita Barosa for the Government. The witness has already explained that the political challenge was “a surprise” and that “never, even from a social point of view”, had crossed before, with Miguel Relvas. The reason, explained the Communist deputy, he was explained by Relvas own: “Three or four people from the financial district” advised her to the Local Government minister, precisely because of their professional experience (securitization and derivatives).
The experience would be short-lived, however. Two months after taking office in early 2013, the minister resigned and, with it, Rita left. He returned to the BES, leading a “cabinet of strategic reorganization” whose main function was, as said Mrs Mariana Mortágua, BE, prepare a staff reduction. The events precipitated themselves. And even going through the administrations of Vítor Bento and Stock da Cunha, finally resigned BES in September.
No comments:
Post a Comment