The victims’ association of the Banco Privado Português (BPP) denounced this Friday that they may end up “receiving nothing or practically nothing” due to the “unjustified” payment of interest to the State by the Bank’s Liquidation Commission (CL).
In a statement sent to the Lusa agency, Privado Clientes states that “CL de BPP accounted for 160 million euros of interest in favor of the State, with money from creditors”Well, “despite having a sufficient amount since the beginning of its activity, in 2010, it waited more than 10 years to pay the State the entirety of the bank guarantee it granted.”
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According to him, “the officially registered costs of CL’s operation are also added to this value, 40 and 50 million in full“.
The question we all ask ourselves is: if CL had the financial capacity to pay the State, why didn’t it have it before? Between the payment of interest and the expenses of CL, there is a real risk that there will be nothing left for those affected”, says the president of Privado Clientes, Jaime Antunes, quoted in the statement.
As he points out, “the payment of interest, if any, will mean that the injured party ends up receiving nothing or practically nothing from a bankrupt estate that had hundreds of millions of euros in the bank.”
Does anyone understand that CL, having hundreds of millions of euros in the bank and receiving zero interest, accounts for interest in the amount of 160 million euros…?” he wonders.
Considering that the action of CL do BPP “has always been to the detriment of injured private Portuguese citizens”, the association recalls that, “in 2008, the board appointed by the Bank of Portugal used the state bank guarantee to pay institutional and foreign creditors, discriminating against Portuguese private clients”.
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Portuguese clients that “now, once again, are left out, with the recording of interest amounting to 160 million that could have been avoided.”
For Private Customers, the state bank guarantee “was invested in a financial investment that could give 4% annual interest to the State, punishing again and in an unjustified manner the creditors”.
In the statement sent to Lusa, the association recalls that “the legality of self-interest” will still be evaluated within the framework of a pending process that will analyze “the legality of the guarantee granted by the BPP to the State”that Private Clients says that it was “given without presenting a recovery plan, when the administration sworn in by the Bank of Portugal in 2008 should have done so”.
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This administration was in office until 2010, when the Bank of Portugal withdrew the bank’s license, subsequently appointing the Liquidation Commission.
The collapse of BPP, a bank dedicated to wealth management, began with the financial crisis of 2008 and ended in 2010. Despite the small size of the bank, the bankruptcy of BPP harmed thousands of clients and the State, having also had significant repercussions due to possible contagion effects to the rest of the system when a financial crisis was taking place.
João Rendeiro found dead in prison
The founder and former president of the BPP, joao rendeiroand other former directors of the BPP were accused of economic and financial crimes that occurred between 2003 and 2008, after awards ceremony and misappropriation of bank money.
João Rendeiro died on May 12 in a South African prison, where he had been since December 11, 2021, after three months of evading Portuguese justice to avoid serving a sentence in Portugal.
Source: Observadora
