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Lusa - Business News - Portugal: Market regulator fines ex-boss of defunct BES bank €2M over sales of Rio Forte bonds to clients




Lisbon, Nov.24,2021(Lusa)- The Portuguese Securities Market Commission (CMVM) on Wednesday announced a two million-euro fine to former BES CEO Ricardo Salgado in connection with the placement of Rio Forte commercial paper with the bank's clients.
The CMVM also applied to Ricardo Salgado "the accessory sanction of disqualification from exercising functions of management, direction, leadership or supervision and, in general, representation of any financial intermediaries in the context of all intermediation activities in securities or other financial instruments" for five years.
In question is the "violation of duties of financial intermediaries", that Ricardo Salgado gave "a causal contribution to the decision, by Banco Espírito Santo S.A. - In Liquidation, that ESI [Espírito Santo International] and Rio Forte would proceed to issue commercial paper, to be placed directly with the clients of Banco Espírito Santo".
The CMVM understands that Ricardo Salgado "twice violated the duty of the financial intermediary to organize itself in a way to identify the risk of occurrence of conflicts of interest and to act in order to avoid or reduce to the minimum its occurrence", something that constitutes "the practice of two very serious offences", each of them punishable with a fine from 25 thousand euros to five million euros.
Also at issue is the contribution to give "prevalence to the interests of ESI and Rio Forte over the interests of their clients who subscribed to the commercial paper", which twice violated "the duty of the financial intermediary to act in order to ensure its clients a transparent and equitable treatment", also punishable from 25 thousand euros to five million.
The CMVM also accused Salgado of having given "precedence to his own interests, as well as the interests of ESAF - Espírito Santo Fundos de Investimento Mobiliário, S.A. and the interests of some members of the board of directors of BES over the interests of his clients who subscribed the commercial paper", something punishable by the same amounts (25,000 to five million euros).
According to the regulator, Ricardo Salgado also made a "causal contribution" for BES to "disclose to its clients who subscribed to commercial paper issued by ESI, between September and December 2013, notes containing information that was not true, not complete, not current and not lawful", something also punishable from €25,000 to five million, the same having occurred between "9 January and 24 February 2014".
As part of the same disclosure, the CMVM also decided to apply a suspended fine of one million euros to BES - In Liquidation for two years, and Haitong Bank saw a suspension applied, also for two years, to 100,000 of a total fine of 300,000 euros.
Fines were also imposed, without suspension, on former BES directors José Manuel Espírito Santo (750 thousand euros), Manuel Espírito Santo (900 thousand euros), Amílcar Morais Pires (400 thousand euros), Joaquim Goes (300 thousand euros) and Rui Silveira (100 thousand euros).
All, with the exception of Rui Silveira, are disqualified from "exercising management, direction, leadership or supervision functions and, in general, from representing any financial intermediary in the context of all intermediation activities in securities or other financial instruments".
José Manuel Espírito Santo and Manuel Espírito Santo are disqualified for four years, Amílcar Morais Pires for three and Joaquim Goes for one.
The CMVM's decision became final only in the case of BES In Liquidation, but all the other defendants have applied for judicial review.
Around 2,000 clients bought, at the branches of Banco Espírito Santo (BES), €400 million in commercial paper from Rio Forte, whose investment was lost when the bank and the Espírito Santo Group (GES) collapsed in the summer of 2014.
JE/AYLS // AYLS
Lusa


Agency : LUSA

Date : 2021-11-25 10:08:00







 

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