The official Portuguese response to the fall of BES bank has just seen another slew of international creditors file new lawsuits.
Explains Expresso, five years on from the controversial ‘bond dump’ (timed when the world was ‘on holiday’ click here), cases continue to roll into the Portuguese courts.
In all are roughly 400 ‘waiting to be heard’ – though with the habitual sloth of justice, no one is hazarding any guesses into when this will happen.
The latest demands for compensation from funds based in the Cayman Islands, Ireland and Luxembourg.
Litigation is directed as much towards the Bank of Portugal (vilified in the media over the ‘bond dump’) as to the Portuguese State.
Taken in total, the funds are claiming around €3.5 million, says Expresso – which in truth is just a drop in the ocean of lawsuits already lodged (click here).
York European Strategic Investors Holding Fund (connected to the US fund York Capital), Hestia Investments (a former shareholder in Portuguese telecommunications company Pharol) and CCP Credit Acquisition Holdings Luxco (part of the US Centerbridge group) have all “assumed themselves to be creditors of BES”, says the paper, explaining the majority of money lost was invested in so-called ‘senior bonds’ that passed from BES to Novo Banco after the former collapsed in August 2014.
The Bank of Portugal is said to be ‘analysing’ the latest lawsuits, and refusing to make any further comment.
