After the fall of Banco Espírito Santo and its respective division, the "bad" BES, which remained with almost all toxic assets, had no provision to cover the claims of entities such as Amorim Group due to the subscription of the Espírito Santo Group. At the moment, BES "badly" does not have the money to pay the 176 million euros claimed by the Portuguese group, if it is condemned, according to the "Jornal de Negócios" on Tuesday.
This process, initiated in 2015, is the result of an accounting decision taken by BES management when the entity was not yet in liquidation and it was held even after the process was started, emphasizes the morning paper.
Except for assets at the time of the creation of the New Bank, BES "bad" currently has no capital; according to the report and accounts for 2016, the procedure was instituted "for losses suffered by an institutional client of BES, due to the non-compliance by non-financial entities of the Espírito Santo Group with the obligation to pay debt securities issued by them. ".
The customer in question is not identified, the "Business", but Topbreach and Oil Investments, companies with headquarters in Amsterdam and belonging to Amorim Group, invested 179 million euros in debt instruments of Espírito Santo Irmãos, company that belonged to GES.
Since 2015, the Portuguese business group has not only issued shares against BES, but also the New Bank and the State itself.