Álvaro Sobrinho: BESA's bankruptcy was a political decision

Álvaro Sobrinho

Álvaro Sobrinho

  |  DR

Banco Económico's shareholders believe that Álvaro Sobrinho lied by failing to present the facts as they occurred, claiming that his statements regarding the actions of these organizations are "false and slanderous"

Álvaro Sobrinho, the former CEO of Banco Espirito Santo Angola (BESA), told TPA on Tuesday that the bank's bankruptcy was due to a political decision and not to insolvency as such. Sobrinho questions whether BESA went bankrupt at all, because according to him, from a formal point of view, the bank still exists under a different name (Banco Económico), and from a practical point of view, because no auditor or international, independent or state organization declared the institution's bankruptcy.

Ávaro Sobrinho argues that the insolvency narrative was created by shareholders and that the bank's bankruptcy was not declared by the National Bank of Angola (BNA), the KPMG auditors, the supervisory board or any other international regulator. Sobrinho says that the 2011/2012 KPMG reports, prepared for the purposes of standard international accounts, did not include any caveat.

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