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Portuguese police place Banco Novo directors under investigation


Portuguese police place Banco Novo directors under investigation


More trouble for Portugal’s Banco Espirito Santo, now a hollowed-out “bad” bank following government rescue.

Two hundred police officers and 14 judges took part in raids at 40 locations belonging to the Espirito Santo family, the bank’s headquarters, and central archives.

Some five million documents were taken away and it has been revealed two former bank executives now running the spun-off Banco Novo are under investigation.

BES affairs are for BES, and Novo Banco’s are Novo Banco’s, from the beginning of August. We are speaking about the situation before then, so it’s before I arrived,” said Banco Novo boss Eduardo Stock da Cunha.

It seems Portugal’s once-richest family had a frayed empire propped up by fraud, money laundering, corruption and abuse of trust. At least that is what the police are investigating, along with Judge Carlos Alexandre, who finds himself at the head of a second high-profile inquiry after pursuing former prime minister Jose Socrates for corruption.

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