The delayed solution to the victims of the BES – Diário de Notícias – Lisbon

Presentation was expected for today

The presentation of the solution that have been found for the victims of the BES, scheduled for today, has been postponed, advances the online journal Echo.

“In principle”, according to the same source, the presentation of the agreement reached will happen in the next week.

The meeting of the working group on this matter held on Monday, allowed us to obtain a solution, according to which the injured of the commercial paper of BES will be able to recover up to 75% of the capital invested, according to the information provided by the lawyer Nuno Vieira.

“I Can say that the solution involves the creation of a fund, a vehicle that will aggregate all of the legal rights of the people, and that will in the next few years will try to recover all the money of the victims in the courts. This fund will advance from already a part of the value to all groups of investors are not qualified commercial paper”, said to Lusa, Nuno Viera which represents the largest part of the victims of the commercial paper of the BES, the number of which in total exceed two thousand investors.

“A person who has 100 thousand euros lost will recover 75 per cent in the short term, with the remaining 25 percent the responsibility of the fund for the judicial recovery,” said the lawyer.

The problem of the two thousand retail customers who have lost 432 million euros invested in commercial paper of the companies Espirito Santo International and Rioforte is no longer just a process of financial and legal to earn an important political dimension in recent years.

At the beginning of 2014, when it began to realize the dimension of the falsification of accounts in BES/GES, the Bank of Portugal was forced to the constitution of a provision of 600 million euros to reimburse clients of the commercial paper.

however, this provision has never arrived to fulfil its function. With the resolution of the bank, in August 2014, and the subsequent bankruptcy of the group, there was a discussion between the Banco de Portugal and the CMVM about whether the New Bank should, and should not repay the holders of these debt securities.

The meeting of the working party included representatives from the CMVM (comissão do mercado de Valores Mobiliários), Banco de Portugal, BES, the Government, the Association of Victims and lawyers.