Faria de Oliveira: Investment of CGD in Her Silk had “serious consequences” – Jornal de Negócios – Portugal

The investment of Caixa Geral de Deposits in the Spanish group La Seda was “very much dictated by the expectation of having a structuring project in Portugal, Artenius”, today named Artlant, explained Fernando Faria de Oliveira, the former president of the State bank, in the parliamentary commission of inquiry on the management of the GBD. The banker recognizes, however, that “the consequences were serious”.

The manager, who took over the leadership of the Box more than a year after it decided to partner with the La Seda in 2006, but knew the group to be responsible for the operation of the bank in Spain, argues that “the company was, at the time, a good company. With a project of expansion perhaps too ambitious”, he admitted. On the other hand, it was expected that the Artlant, industrial project, based in Sines, to sell 60% of its production to Galp Energia.

Faria de Oliveira recalled that the La Seda “only entered a crisis after 2008″, due to the economic crisis.

In total, the partnership of the GBD

with the La Seda, decided during the mandate, headed by Carlos Santos Ferreira, led the State bank to mobilize almost 900 million euros for several projects resulting. The Box has invested 121,3 million in Her Silk and financed the company at 75 million; in Artlant came in with 25 million, and claims credits of 520 million.