The gallery of horrors – or ruinous Salgado – Express

The problem has always been complex but the question has always been simple: it was all stupid or was all clever in BES? In other words, there was no negligence or intent in the collapse of Banco Espírito Santo

Call it certainly is a legal pension?. Not doubt, suspicion: the spread of GES to BES, that is, how BES administrators torpedoed in recent months the “fence” (“ring fencing”) that the Bank of Portugal had put separating the bank of the Spirit Group Santo was deliberate? And if so, by whom?

It has always been hard to imagine that it all happened by chance. The ESI was already bankrupt long, which the Bank of Portugal knew the end of 2013. But it was no accident that the ESFG went into the Rio Forte to an appreciation of 22 euros per share (when value on the stock exchange a tenth of that) so hopelessly contaminating this “holding”? It was by chance that passed comfort letters to Venezuela? It was by chance that used financial centers abroad for the last 15 days customers BES finance the GES, unknowingly risking losing everything? It was by chance that the order not to put more commercial paper was disrespected?

While everyone is innocent until proven guilty, you must have fallen into the cauldron of presumption of innocence as a child to believe in so many accidents. Henry Grenadier said CPI that power struggle in BES was treated as “between a band of gypsies,” but it was a bunch of bankers who created and distributes both losses.

The Bank of Portugal will think the same. And, to equip, and because he felt betrayed by those who left (unintelligible and naively) to remain ahead of the BES, ordered a forensic audit.

Words are words but “audit forensic “means one thing: it is looking malpractices of evidence. This audit Deloitte, the Bank of Portugal gave to the Parliamentary Committee of Inquiry and that already in the papers (in the business first-hand and right after the Express), has a certain destination: the Attorney General’s Office

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There was no crime or BES?

Of course there were. Fraud, fraud, manipulation of accounts, falsification of documents, is only determined between the various possibilities.

But if there was crime, who are the criminals?

Here the question changes radically. Because although all doubts point to a name, many more names were involved in the GES and BES. The other did not see? They did not know? Did not they?

These are questions to answer later. For now, we have published the forensic audit of BES and the evidence is terrifying. Among the confirmations of many articles published over the past few months and the news now revealed, nothing is good and everything is serious. And everything is disgusting.

Leafs to the 45 pages of the forensic audit and faced with a gallery of suspected horrors orders violations of the Bank of Portugal and management evidence ruinous.

BES used Panama, Switzerland and Libya to finance the GES in default of the Bank of Portugal, against group of creditors and bank customers. Ricardo Salgado secured loans to Venezuela without anyone knowing – not even his own administration. There were schemes “of fraudulent financing” through requirements for the past 15 days. There BES administrators to move as wanted bank accounts allegedly went to pay commercial paper. It is suspected that some of the money was used to pay some creditors, favoring them over others and in violation of the supervisor’s orders. BES lent money to shareholders. The Bank of Portugal was blatantly ignored. There was BES administrators who, in conflict of interest, did not comply with the internal rules and did not send information to the control and risk department. And so on: just read the related news by Express about the document.

Although we shall see why the Bank of Portugal entrusted both who apparently disrespected over many months. That is not in fact the only question. How questioned Silvia Boss, journalist i, “as the Bank of Portugal, who continually stressed the need for establishment of the escrow account, with very specific rules, did not control what it was done in real time?” Yes, “how the Bank of Portugal was so easily fooled on so many fronts?

Ricardo Salgado is at the forefront of these questions, which will now be investigated as a crime evidence for Justice . So far, the case was noisy can replace the word with another:…. ruinous

The word is no longer only in the newspapers today is word of auditor Now, another missing : the word of the judge

It’s time

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