The former president of Banco Privado Portuguese asked the acquittal of the administrative offense of close to 2 million euros and inhibiting the exercise of functions in the industry for 10 years enacted by the Bank of Portugal in October 2003.
In closing arguments of the trial the appeal filed by 10 of the 11 defendants in the Court of Competition, Regulation and Supervision in Santarém, the offenses enacted by the Bank of Portugal (BoP) in October 2013, the agent for John Rendeiro argued in particular that it had no intervention in accounting matters and in 2005 resigned from the bank’s management.
Rita Fonseca said that the facts that John Rendeiro has condemned the administrative decision were “annihilated” in the trial, accusing the BDP of having “failed” in form and exercised supervision as the way to ground sentencing in some cases based on “outdated” law.
“The Bank of Portugal had to sit in the dock for incompetence and still want to raise close to 11 million euros,” said the lawyer on allegations that sought to demonstrate why in its view John Rendeiro should be absolved of each of the 10 offenses that has been condemned.
If not acquitted, called for a “significant” reduction of the fine and revocation of disqualification from positions in the sector, noting that John Rendeiro, which in full Friday 63, there does not exercise functions more than six years.
At its meeting today, also the agent of the Private Holding asked for the acquittal of society (sentenced to a fine of EUR 2.5 million), alleging that this was only established in 2003 and who just happened to holds all of the BPP in November 2004 and is accused of offenses committed in a period “that does not even exist.”
Sofia Trails said that the PH was an “empty box”, had legal existence “but it was hollow,” being devoid of frames and resources, acting as a “mere instrument” of the BPP. “Being the parent company functioned as company-daughter”, a reversal that said, it was admitted by the supervisor himself.
In its pleadings, the authorized representative of Paulo Lopes stressed that this was “the only one who had the courage” to go to court to their role in the “history of Lehman Brothers.”
In January, former administrator confessed to the court that ordered the transfer of ‘credit default swaps’ (CDS insurance on bonds) of the Lehman Brothers bank’s portfolio for the client portfolio when he had already been decided the request of the insolvency of Lehman Brothers, declaring that followed the “instructions” of John Rendeiro and Paul Guichard with the awareness that was not a correct procedure.
“It was the only one who spoke,” said Pragal Colaço, asking the court to not isolate the facts of subjective elements, as will, as he said, Paulo Lopes arises not involved in any movement for him own making money, having worked for the bank and only earned income from their work.
Pragal Colaço regretted not see as defendants in particular those responsible for the ‘private banking’, which “sold pig in a poke.”
Paulo Lopes, who Pragal Colaço said to be a “math whiz” who acted with “ingenuity”, worked at BPP administration from April to December 2008, having been convicted of bop to pay a fine of 400,000 euros (suspended in half the amount for five years), the heaviest fourth imputed to individuals in the process.
The lawyer said agreeing with the prosecution, that the allegations of the Tuesday, called for reducing the fine imposed on Paulo Lopes to 100,000 euros totally suspended and the revocation of the disqualification from office in the industry for a period of five years.
Meanwhile, the agent for Vítor Castanheira considered the condemnation of its constituent (fine of 190,000 euros suspended in half the amount for five years and disqualification from office for two years) “meaningless and unfair “, also asking for absolution.
Filipa Loureiro recalled that Vítor Castanheira left the Caixa Geral de Depósitos to go to the administration of the BPP in 2008, a sign that unaware of what was wrong in the institution.
“He accepted a poisoned invitation,” he said, considering not be reasonable to assume that change if he was aware of malpractice that would “tarnish its crystalline curriculum.”
The trial, which began in June 2014, has on Friday the last day of claims, intended for defendants Salvador Fezas Vital, Fernando Lima (whose lawyer asked today waives) and Nuno Paramés.
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