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BES has 15,000 creditors and “could take decades to resolve”

A source connected to the process of winding up ‘bad bank’ BES has explained that there are 15,000 creditors and the resolution “could take decades”.

With all those cited in the collapse of what was Portugal’s largest private bank living fairly comfortably and still waiting to be officially charged with anything, Diário de Notícias has added that in the meantime three administrators overseeing the winding up of BES are being paid monthly salaries of up to €11,500 each.

The Bank of Portugal has said it is a “complex job” that requires “exclusive” attention.

But as lawyer António Pragal Colaço has told DN, when one considers that the winding up of the much smaller BPP bank has already taken eight years – and is still running – hopes for a speedy outcome in the case of BES are “beyond the capacity of the Portuguese judicial system”.

In fact, staff at Lisbon’s Tribunal de Comércio are already “exhausted just with this case”, he said.

Colaço’s opinion has been backed by colleagues who explain the BES case is equivalent to 1000 “normal cases”.

The depressing revelations come in a week when it seems exceedingly likely that there will be no September conclusion of Operation Marquês (click here), and when “superjudge” Carlos Alexandre – the man in charge of multiple complex cases including the alleged fraud and corruption that went on in BES – has decided to break his habitual silence to say he hasn’t got a personal fortune and has very few friends who he believes would attend his funeral.

Where all these stories are leading, one can only imagine.

natasha.donn@algarveresident.com