Portugal’s richest man slaps €200 million lawsuit on State, central bank and Novo Banco

With the tortuous sale of Novo Banco still limping towards the touchline, Portugal’s richest man has just thrown a curved ball into the arena.

Américo Amorim is behind the “administrative action” lodged by two of his companies – Oil Investments BV and Topbreach Holdings BV – claiming “around 200 million euros” not just from the Portuguese State, but from the country’s central bank and Novo Banco.

Explain media reports this (Wednesday) morning, it is not immediately clear what lies behind the action, though it is not the first time that Amorim’s companies have sued Novo Banco.

“The same thing happened in July 2015” says Observador, adding that the action then was lodged over €179.3 million, a “value similar to that invested in instruments of debt of Espírito Santo Irmãos, now in insolvency”.

Expresso too believes the “fall of the Espirito Santo Group” is the reason for the action lodged at Lisbon’s administrative court today (Wednesday), in which case it will he join a legioning of others claiming compensation for losses suffered either in the BES debacle, or as a result of ensuring dealings at Novo Banco (click here).

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