Relationship denies appeal of West Bridge in a swap case … – publico

                 

                         
                     

                 

 
                         

The Court of Appeal of Lisbon dismissed the appeal filed by West Point (Madeira), confirming the judgment at first instance, which declared the incompetence of the Portuguese courts to judge the dispute concerning a contract swap with Santander Totta.

                     

                         In a statement released Wednesday, the bank stressed that the January 29, 2015, the Central Instance of the District of Lisbon also had reason to the bank, declaring itself incompetent to judge a dispute concerning a swap signed with the Metropolitan Development Society SA, Madeira. “The Portuguese judicial authorities then confirmed the English courts as the proper venue for prosecution and English law as the applicable” added the bank.

At the same time, as was reported in early February, the Court the Lisbon ratio had also given reason to Santander Totta in a lawsuit filed by a paper company, Dogel, which sought the annulment of a contract swap entered into in July 2008.

According to the judgment that the Lusa had access, confirming the decision at first instance, the contract can not be classified “as game contract and bet,” one of the reasons that could justify the annulment of risk management contract financial ( swap ) and is rejected the invocation of changed circumstances.

In its decision, the high court also found that, contrary to what the Dogel company, “parties in addition to being aware of the risk involved in the operation, hoping that this is not to materialize, they accepted esclarecidamente the risk of loss. “

Since the judgment of the process ‘swaps’ that opposes the Santander Totta to Portuguese state will proceed, according to information given by more than one occasion by the chief executive of the bank, António Vieira Monteiro, in the last quarter of 2015, and the sentence should be known in the first half of 2016.

The court proceedings run in the courts in London, as was stipulated in contracts swap (operations where there is exchange of positions between the parties as to the risk and profitability of certain financial instruments) signed between several companies public transport, as the Lisbon Metro and Metro do Porto, and Santander Totta.
On the basis of the dispute between the Government, the Portuguese State, and the bank led by Vieira Monteiro, are more than one ten contracts swap .

The leader of the Santander Totta has repeatedly publicly defended the legality thereof, away from the idea that are toxic operations.