John Rendeiro acquitted of aggravated fraud in BPP – publico

                 

                         
                     

                         
                     

                 

 
                         

John Rendeiro and other case defendants Portuguese Private Bank (BPP), Salvador Fezas Vital and Paul Guichard, were on Friday acquitted of aggravated fraud charges. In a statement, John Rendeiro did know that, “in this moment of satisfaction,” his thoughts “go to the clients of BPP” saying, “Fortunately, over 90% of cases have received all of their assets.” In addition, also said that the state “has covered its credit 450 million in the insolvent estate of the BPP..” The court’s decision highlights Rendeiro in the same statement, “proves that justice is done in the courts and not in the media “.” I wish of course to congratulate me and thank all who have supported me in these difficult times, my wife, my friends and my lawyers “, concludes the banker, who was not present at the reading of the judgment.

                     

                         Reading the judgment of the Private Financial process, a BPP of the vehicle, started by 15h20 in the Criminal Courts of Lisbon, with the presence of Salvador Fezas Vital. Besides Rendeiro also Paul Guichard was absent from the session.

The absence of the former president of the Portuguese Private Bank (BPP), John Rendeiro in court to hear the reading of the judgment of the Private Financial process had It has been reported, and the absence of novelty Paul Guichard. John Rendeiro, Paul Guichard and Salvador Fezas Vital were accused by prosecutors in co-authorship, aggravated fraud, crime with the penalty of imprisonment from two to eight years in prison.

In this trial, which took place in Instance Central Lisbon, 1st Criminal Division, was concerned a capital increase of an investment vehicle called Private Financial.
The three BPP’s former managers were accused for having attracted shareholders for an increase of capital of this vehicle when they knew that was already bankrupt.

Before the court, the guests said, in general, who were aware of the risk of total loss of the capital invested in this product, but ensured they were deceived as to the operation capital increase of Private Finance.

Investors explained that they were persuaded to borrow with pledge of accounts with the BPP to participate in the proposed transaction by their account managers, not realizing that part of the funds were captured used to offset credits from own financial Private with the banking, namely, JP Morgan (EUR 200 million) and BPP own (EUR 50 million).

The various investors in this BPP universe vehicle claim who were injured in a higher overall sum of 40 million euros. This is just one of several criminal and administrative offenses that are underway in the case called BPP.