Shareholders call Álvaro Sobrinho a liar

Shareholders call Álvaro Sobrinho a liar

The shareholders of Banco Económico - the bank that absorbed the assets previously owned by BESA - reacted to Álvaro Sobrinho's statements during his interview with TPA's Grande Entrevista, considering them "false and slanderous."

In a press release issued early last night, shareholders accused Álvaro Sobrinho of distorting the facts and of lying by claiming that there was no solidarity regarding the market difficulties that the bank started to face in 2012.

They also said that it is a lie that Paulo Cassoma threatened and blackmailed Sobrinho to force him into taking responsibility for what happened to the bank, in 2013 or 2014, as secretary general of the MPLA, pointing out that Cassoma only took that position after the 2016 congress.

The document contains extracts from press releases issued by the central banks of Angola and Portugal on the financial situation of the bank, when the difficulties that led to the regularization process were detected.

In one of the excerpts, a press release issued by the National Bank of Angola mentions that BESA was facing "the risk of discontinuity of activity" and cites reports that confirmed, on August 4, 2014, significant losses in the bank's credit portfolio and other assets, not covered by any provisions, thereby jeopardizing the bank's viability.

Also mentioned in the press release issued by Banco Económico's shareholders, a 2014 report prepared by the Bank of Portugal underlined several "management decisions that seriously damage the interests of Banco Espírito Santo".

Read more in Jornal de Angola