New €179 million headache for Novo Banco – presented by Portugal’s “Mr Rich”

Novo Banco, the so-called good bank that rose from the ashes of BES, is smarting under a new lawsuit presented by Portugal’s richest man, cork billionaire Américo Amorim. Along with millions being demanded by small investors who claim Novo Banco owes them if only on moral grounds, Amorim is contending that two of his companies should have been reimbursed by Novo Banco to the tune of €179.3 million.

Lodging his case in Lisbon’s civil courts on July 19, Amorim is understood to “believe” that his securities (another case of money ‘invested’ in BES/ GES commercial paper) were ‘lost’ in the transition from BES to Novo Banco.

According to a report in today’s Correio da Manhã, Amorim will be presenting five witnesses in his case against Novo Banco – one of whom is the beleaguered governor of the Bank of Portugal, Carlos Costa, the man many protestors battling to reclaim lost investments blame for the entire financial disaster.