Former BES’ ‘cultural heritage’ at risk of being gobbled up by Lone Star

It is not only billions of euros that the country stands to lose as a result of the knockdown sale of Novo Banco to American fund Lone Star.

Left wing paper AbrilAbril reveals today that the bank’s rich cultural heritage, transferred following the demise of BES, is also due to be handed over.

The booty includes pieces of furniture, ceramics, valuable stamps and textiles, books and photographs

PCP communists have highlighted the issue, stressing the ‘deal’ is already a bad solution that “could bring the State direct losses of over €3 billion”. But they stress it is “unacceptable” that such a ‘sale’ should include “the loss and impossibility of access, investigation and study of the art trove of Banco Espírito Santo”.

The party wants the government to guarantee that the works remain in the “public sphere”.

The finance ministry however has told Expresso that the trove will stay with Novo Banco, “thus transiting to ownership of Lone Star as soon as the sale is concluded”.

The controversial sale has yet to be rubber-stamped by the European Central Bank and cleared by investors (click here).

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