BES – ‘good bank, bad bank’ deal may have been illegal - TopicsExpress

BES – ‘good bank, bad bank’ deal may have been illegal - A group of 120 investors in the failed Banco Espírito Santo have brought a court action to demand the annulment of the resolution that split BES into two, claiming that the process was illegal. The action was delivered to court on Monday and cites the Bank of Portugal, the Finance Minister and the Resolution Fund which became the sole shareholder of Novo Banco and a beneficiary of confiscation.

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