( News Original version corrected to indicate that the value of 1.8 billion euros of arrest concerns the GES Group, including property seized Ricardo Salgado and other former managers).
You near a definitive settlement of the issue of injured BES – will be involved and the almost € 1.8 billion (Ministry of number public to Salgado, other administrators group and the GES group) which are the property seized Ricardo Salgado and Grupo Espírito Santo . The Observer confirmed the Renaissance news that there is already a model on the table – but not completed – including the establishment of a compensation vehicle that will advance money to the aggrieved and then will recover these resources through the processes that are in court gains. But is not only the seizure of the administrators of the Holy Spirit group to “pay.” – financial auditors will also be involved
According to a model that has already been distributed to the injured and is being evaluated by the Ministry of Finance, the arrest of Ricardo Salgado and other assets can help pay indirectly, compensation to injured BES. Indirectly because it is planned the creation of this “compensation fund” that will soon advance money to any person harmed by an investment levels of scale. Then, in the next five to 10 years, as the court proceedings are completed , the injured will receive more money -. Never the entire investment
solution involving the seizure (which have not moved on trial and can be appealed) can only benefit , found the observer to the knowing process source, the injured who have the legal rights days . These are legal rights to be assigned to the vehicle , the exchange of resources that are delivered to injured at this stage. In order to participate, the injured must have at least spare judicial notifications to entities such as Grupo Espírito Santos (GES), Banco de Portugal or the New Bank.
About half of the people they lost money with debt GES companies do not comply with this requirement at this time. That is, there are many who have not gone to court in actions directly or through the association that was created to represent the injured.
To advance the money to the injured, are on the table possibilities like use of resources of the Deposit Guarantee Fund and the resolution fund (public body financed by contributions from other banks), found the Observer. The goal then is to recover these resources delivered by the “compensation fund” with the results of the legal sentences.
However, to safeguard the risk of legal judgments do not reach the levels devised by the parties, there is, however, a guarantee that will raise compensation to injured parties.
it was not possible to determine what the exact contours of this guarantee but the Observer was told that this negotiation (involving the association representing the injured, the Bank of Portugal, the CMVM and the emissary of António Costa, Diogo Lacerda Machado) always founded on the intended to be no taxpayers’ money , repayable, to pay the solution .
what there also is a definite indication of the total value that can be delivered to the injured, something that has been under negotiation.
this is the result of several months of negotiations, which accelerated after António Costa has taken over the government leadership and have pressed so as to have a solution to this problem. This solution moves forward or not will depend on acceptance of the injured have contacted show.
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