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Portugal Investigates 'Massive' BES Debt Issues To Cover Family Dues

The Bank of Portugal is investigating former management of Banco Espirito Santo over suspected illegal debt issuance via a Swiss go-between to replace liabilities of the collapsed business empire of the bank's founding family with BES debt. Bank of ...

Daily Headline - global.abi.org - 11/17/2014 - 20:08 - 0 comments

Portugal Attacked After Bailout Reforms Flag

International lenders have attacked Portugal for allowing the pace of reform to slacken since the country exited a three-year bailout programme, warning that some of the progress made at the cost of tough austerity measures could be reversed, the Finan ...

Daily Headline - global.abi.org - 11/05/2014 - 22:40 - 0 comments

Regulators Temporarily Ban Short-Selling of Portugal Telecom

Regulators in Portugal and Britain have temporarily banned short-selling of Portugal Telecom’s stock after the company’s shares declined to a record low on Monday over its exposure to a company with ties to the Espírito Santo family, the International ...

Daily Headline - global.abi.org - 10/21/2014 - 20:28 - 0 comments

Novo Banco Moves Closer To Deal For Troubled Angola Arm

Portugal's Novo Banco -- the successor to bailed-out Banco Espirito Santo (BES) -- has moved closer to a rescue deal for its Angolan unit, with the African nation's central bank agreeing a recapitalisation plan for the local business, Reuters r ...

Daily Headline - global.abi.org - 10/20/2014 - 20:14 - 0 comments

Espírito Santo’s Main Holding Companies Head for Liquidation

A court in Luxembourg has denied a creditor-protection request from the main holding companies of the Espírito Santo empire, paving the way for a liquidation of all its assets, The Wall Street Journal reported. Espírito Santo International SA and Rio ...

Daily Headline - global.abi.org - 10/19/2014 - 21:30 - 0 comments

Banco Espírito Santo Inquiry Broadens

Regulators probing Banco Espírito Santo SA, the large Portuguese bank whose collapse rattled global markets this summer, have focused in public on relatively recent problems that doomed the lender and its affiliated companies, The Wall Street Journal ...

Daily Headline - global.abi.org - 10/16/2014 - 20:59 - 0 comments

Espírito Santo Financial to File for Bankruptcy

The Espírito Santo Financial Group, which at one point held about 25 percent of the bailed-out Portuguese lender Banco Espírito Santo, said on Thursday that it would file for bankruptcy after it was denied creditor protection by a Luxembourg court last w ...

Daily Headline - global.abi.org - 10/09/2014 - 21:37 - 0 comments

Luxembourg Court Denies Protection To 2 Espirito Santo Groups

A Luxembourg court on Friday rejected a request by two holding companies of Portugal's Espirito Santo family for "controlled management", a sort of bankruptcy protection from creditors, Reuters reported. Espirito Santo Financial Group (ESF ...

Daily Headline - global.abi.org - 10/06/2014 - 08:02 - 0 comments

Fosun Ups Bid For Portugal's Espirito Santo Healthcare Unit

China's Fosun International Ltd has upped its bid for Portugal's Espirito Santo Saude (ESS) to 4.82 euros a share or 460.5 million euros ($584 million) in total, stepping up the battle over the hospital business of the indebted Espirito Santo f ...

Daily Headline - global.abi.org - 09/28/2014 - 20:05 - 0 comments

Lloyds Banking Executive to Lead Troubled Portuguese Lender

The Bank of Portugal has appointed a new leader to run the ‘‘good’’ bank created after the bailout of the Portuguese lender Banco Espírito Santo, after the unexpected resignation on Saturday of its top management, the International New York Times Dea ...

Daily Headline - global.abi.org - 09/15/2014 - 20:40 - 0 comments

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