Dispute between Goldman Sachs and Bank tried in New London – publico

                 

                         
                     

                 

 
                         

The British court ruled that the action of Goldman Sachs against New Bank because of a loan of 835 million dollars (over EUR 760 million) attributed to BES only two months before the bank’s collapse will be judged in London , reports on Friday Bloomberg.

                     

                         Goldman Sachs and a group of institutional investors want to ensure that this loan will be repaid by the New Bank, instead of being transferred to the “bad bank” (as decided the Bank of Portugal last year), where the probability of the recover It is practically nil.

The New Bank had made a request for the process to unfold in the Portuguese justice. But the arguments put forward by the representatives of the Portuguese bank at the first hearing of the case at the end of last month, not revenge.

So, on the day you expect to receive the final proposals of purchase (with the Chinese Fosun and Anbang and the American Apollo in the race), the bank led by Eduardo da Cunha Stock is also know to be in England that the case that the object to Goldman Sachs and several institutional investors who contracted senior debt BES will be judged through society Oak Finance Luxembourg (created by Goldman Sachs).

Among these investors, who complain that the use of Portuguese courts would wait at least 16 years for the completion of the process, are the New Zealand pension fund superannuation and Paul Singer Ellitott Management.

In February, after the threats of Goldman Sachs have brought a court action, the bop re-emphasized that the decision not to transfer to the New Bank with responsibility the loan granted by Oak Finance was due to legal impediments.

“That responsibility was not transferred to the New Bank for having founded and serious reasons for considering that the Oak Finance acted in granting the loan, for account of Goldman Sachs International, and that this entity had held a shareholding of 2% of BES ‘capital, “said bop.

According to the law,” claims under these conditions [granted by shareholders reference] can not be transferred to a bridge bank “, explained the financial supervisor, underlining that this is an issue on which” can not make exceptions to the legal requirements. “

But Goldman Sachs and bop do not understand about the shareholding to the American group came to hold the old family bank Holy Spirit.

The legal representatives of Goldman Sachs believe that the decisions of the Portuguese financial supervisor violate the law and based on factual errors as they ensure that the institution never stopped, in fact, more than 1.6% of the voting rights in BES, thereby avoiding short of the 2% required by law so it could be considered major shareholder. Now is the British justice to decide who is right.