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Portuguese bank bosses accused of fraud

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Portuguese bank bosses accused of fraud


Five former executives at a major Portuguese bank have been charged with fraud and manipulating the markets in an inquiry involving offshore companies and losses of 600 million euros.

The accused include the former BCP president Jorge Jardim Goncalves and his successor in the post Filipe Pinhal. They and three others were charged after accusations from major shareholder Joe Berado. “This means that the prosecutors have done a good independent job and I am happy with the progress made in the case,” said Berado. The BCP was the first Portuguese bank to be privatised. The accused are said to have concealed the existence of 17 offshore companies based in the Cayman Islands and to have covered up huge losses over an eight-year period from 1999 to 2007.

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