Frasquilho only learned of the problems in the newspapers GES – Renaissance

Frasquilho only learned of the problems in the newspapers GES – Renaissance

The former director of the department `research` [studies] of Banco Espírito Santo (BES), Miguel Frasquilho ensures that only became aware of the problems in the Espírito Santo Group (GES) at the end of 2013 through the newspaper reports .

“I had knowledge of this situation for the first time, in late 2013, through the news that went out in the newspapers,” said the head during his hearing in the parliamentary committee of inquiry into the case BES / GES, adding:. “I never had any conversation on the subject until then and all that was heard was what was being public”

Asked about the degree of knowledge he had of the complexity of the GES, Frasquilho said he knew “there were several entities linked to the group, but did not have the organizational structure of the group concept.”

The Economist assured Members not kept “no talk with the government about the situation with BES “explaining that the issue was part of his’ ring fencing` [protected area] due to political office who played and occupation developed in the bank then led by Ricardo Salgado.

Faced with the possible curiosity that the news would give account of the problems in GES him aroused, Frasquilho played defense.

“The news went out, never involved my employer who was the BES. He had no need to know or want to know what was going on GES “he said.

The former director of Banco Espírito Santo studies department also said that the bank sold the shares it held in June 2014 with a loss of 50% on the value invested. Questioned by the Socialist deputy José Magalhães about whether it was holder of BES securities Frasquilho said he had bank shares “at various times” of his professional life in the entity where been for about 18 years.

“I bought were assigned me and sold, sometimes with gains and other lossy” said economist during his hearing in the committee of inquiry into the case BES / GES.

“I have not been to the capital increase [May / June 2014]. But I never had access to any inside information, “he said.

Now the sidelines of the hearing before the questions asked by journalists about their operations with BES shares, Frasquilho stated that acquired last titles of the bank in January 2014, about five thousand shares, and sold them in June of that year with a loss of 50%, corresponding to roughly 2,500 euros.

The hearing Frasquilho was the fastest since tore the work of this committee of inquiry, having torn by 16:00 and finished less than an hour and a half later.