BES. Deco received over three thousand complaints and filed two court actions – Express

Almost one year after the resolution of Banco Espírito Santo (BES), Tito Rodrigues, Deco fiscalist – Portuguese Association for Consumer Protection, said the agency Lusa that were about 3,400 complaints lodged about BES case <. / p>

The vast majority of complaints held with shareholders. In this sense, were filed in February 2nd class actions in court: a civil against the former managers of BES, the auditor KPMG and BES Investimento (BESI) and an administrative against the State, the Bank of Portugal and the Securities Market Commission securities (CMVM), since the Deco believes that regulators “were not up to their own responsibilities.” “It is with some strangeness that we realize that, after all the warnings that had been given by other financial collapses in the recent past, we are faced with the collapse of a bank with the size that had the BES,” said Tito de Morais.

The Deco believes the tax expert said that “the two supervisors were negligent in the way it addressed the issue and the economic damage that is known for hundreds and thousands of customers.” Without wanting to anticipate an outcome to the actions, Tito de Morais said that it is necessary to trust in the judicial system, despite the time lag. It will be a complicated and lengthy process, but the association is “confident” that there will be accountability of those involved in the case said.

The Deco intends to compensate the shareholders, but admits that it will be reimbursed 100 % of the amount invested. In what concerns the bond of GES, and before the “myriad” of products that were sold to the counters, the association launched a platform to get feedback, testimonials and information on the product purchased. From there, it established seven categories of consumers and, on that basis, has begun “contacts with the New Bank to realize the products that were either not be guaranteed, that solutions were being proposed.”

” If for some the situation was resolved more or less natural way, with the assumption of responsibility by the New Bank, for others the situation has not yet been found. This is the case of subordinated bonds, “admits fiscalist. Still, on the table is a proposal which is not yet final, the New Bank for the repayment of almost 100% of the money invested, but six months maturities (triple what was purchased). “The solution is not perfect, but better than the one who guessed” before, considers Tito Rodrigues.

However, even more complex situations are related to the Holy Spirit International (ESI) and Rioforte “These are situations orbiting outside our legal system and therefore it is very difficult for us, we are based in Portugal, be aware of the impact and even the way they can solve,” laments

BES over the August 3, 2014, days after presenting a historical six-month loss of 3,600 million euros. The Bank of Portugal through a measure of resolution, took charge of the institution and announced their separation, getting active and passive quality in a ‘good bank’, Novo Banco and liabilities and toxic assets in BES ‘ . ‘bad bank’ (‘bad bank’), which was without banking license

The New Bank was capitalized at 4,900 million euros by the banking resolution fund: 3.900 million were borrowed by the state and the rest for several banks operating in Portugal and capitals of the resolution fund itself. The New Bank has since been put on sale there at this point that three bidders have until August 7 to improve their proposals. The media has reported that the selected groups are the Chinese Fosun and Anbang alongside the Apollo US fund.