Edition 1453
09 December 2017
Edition: 1453

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Emigrant Espírito Santo investors to get 75% of capital under new deal

by TPN/ Lusa, in News · 10-08-2017 07:27:00 · 0 Comments

An association representing Portuguese citizens living abroad who were sold investment products backed by Espírito Santo group commercial paper that turned out to be worthless has agreed with the government and Novo Banco, the successor to the collapsed bank of the same name, on a solution that gets them back part of the money.

Emigrant Espírito Santo investors to get 75% of capital under new deal

 

Under the deal, those who accept it would give up any legal action against Novo Banco and its staff.

 

The investors in question were sold the commercial paper by Banco Espírito Santo, which was wound up by the Bank of Portugal in August of 2015 after it declared massive first-half losses.

 

The announcement of the agreement was made by the group, AMELP, on Wednesday on its Facebook page, after a meeting on Tuesday with the chief executive of Novo Banco, António Ramalho, and a representative of the government, Mariana Egídio. At the meeting, the group said, they had come “with great satisfaction (…) to an understanding”.

 

The solution was not detailed in full in the post but, according to AMELP, it will mean investors getting back 75% of the capital they invested, in cash, within an average of three years in the case of the non-resident clients who were sold the products Euro Aforro 8, Poupança Plus 1, Poupança Plus 5, Poupança Plus 6, Top Renda 4, Top Renda 5, Top Renda 6 and Top Renda 7.

 

As for two other products, Euro Aforro 10 and EG Premium, according to AMELP the government and Novo Banco "guaranteed that there will also be a solution” but that it was still being worked on. In these cases, a source close to the negotiations told Lusa, the amount recovered by investors could be less than 75%.

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Edition 1453
09 December 2017
Edition: 1453

Read this week's issue online exactly as it appears in print.

Twitter