Edition 1450
18 November 2017
Edition: 1450

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Prosecutor investigates suspect insider trading

by TPN/ Lusa, in News · 18-05-2017 12:12:00 · 0 Comments

The Portuguese public prosecutor is investigating alleged irregularities in the sale and purchase of Novo Banco bonds, a case that goes back to December 2015 and that may involve the crime of insider trading.

Prosecutor investigates suspect insider trading

 

“We can confirm we have received two complaints from the Portuguese Stock Exchange Commission (CMVM) and have opened investigations”, a source at the attorney general’s office told Lusa on Wednesday.

 

The suspect deal, which lked the CMVM to advise the attorney general concerned the transfer of €64 million a few days before the Bank of Portugal transferred 2.2 million Novo Banco bonds to Banco Espírito Santo (BES).

 

Electronic newspaper ECO explained that an insurer had sold a block of €54 million of Novo Banco bonds to an institutional investor outsider of Portugal. But a week later the bank of Portugal issued a communiqué about transferring the bonds to the assets of bad bank BES so “whoever had bought the bonds a week earlier” lost “almost all the capital they invested”.

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Edition 1450
18 November 2017
Edition: 1450

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

Twitter

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