The Social Democrat leader Jose Luis Arnault led to the decision of Goldman Sachs, which is one of the vice presidents of finance at 680 million euros BES. The transaction was agreed weeks before the bank be operated upon.
This Monday, the Wall Street Journal advanced in its online edition that José Luís Arnault and Antonio Esteves, another Portuguese with a role in GS, took a decisive role in financial support for BES, given the July 3, 2014, at a crit ical moment of the family group. But the oxygen balloon was short-lived because a month later, on August 3, BES collapsed.
The last week was to know that the banking group Anglo Saxon, who had become just before the collapse of the BES, in addition to lender, also a shareholder of reference and represents more than 2% of the capital, took over as the loan loss (BES granted by Oak FinanceLuxembourg) of 680 million euros. The decision came after early as December the Bank of Portugal has transferred the debt of the accounts of the New Bank for BES, who was with troubled assets and unable to honor commitments. The damage (which also affects some customers of American institution) was recorded by Goldman Sachs in the accounts for the fourth quarter of 2014 and is generating a conflict with the financial supervisor.
The Daily New York states that the loan of 835 million dollars (about 680 million) of Goldman Sachs BES “was the result of a concerted effort involving several months of senior executives of Goldman.” And the contract was approved “by at least three committees of Goldman,” where they sit senior executives, whose function is to evaluate rigorously all operations “with regard to credit risk” and reputation of the bank’s credibility.
The daily states that the Portuguese business lawyer was recruited by Goldman Sachs “due to its network of contacts”, which included Ricardo Salgado. For this reason, Arnault offered to BES the help of Goldman “to borrow money.” But it fell to Antonio Esteves form in London a team whose aim was to “create a complicated structure for the loan.” According to the US daily, whether José Luís Arnaut, whether Antonio Esteves declined comment on the information published.
Wall Street Journal recovers in today’s edition a given interview in June to Antena 1 by Arnault and where there is the defending Ricardo Salgado, who resigned as president of BES however, for having “left a strong bank with capital and credibility.”
The Portuguese business lawyer, former Deputy Minister of José Manuel Barroso between 2002 and 2004, was recruited by the US bank in early 2014. It was one of several politicians whom Ricardo Salgado turned in May 2014 to ask for support to save the GES. At this point, since the various societies of the family group were unable to finance markets. At the same time, Salgado probed even Barroso, who became “consultant” BES, and José Luís Arnault who is next.
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