The Supervisory Court today condemned the BPP to a fine of two million euros, which suspended in full for three years aimed at “protecting creditors”, namely customers, and John Rendeiro to pay 1.5 million euros.
Judge Claudia Roque today read the sentence process started in June 2014 the Court of Competition, Regulation and Supervision, in Santarem, in which 10 of the 11 defendants appealed the fines, with an overall value more than 10 million euros, enacted by the Bank of Portugal (BoP) in October 2013 for violations such as falsification of accounts and making false information, among others.
The sentence absolve the directors that were condemned by bop, including Nuno Paramés and Rui Domingues, which had been fined 75,000 and 90,000 euros, respectively (suspended for five sixths of its value), and reduces the fines imposed on Paulo Lopes (400,000) and Vítor Castanheira (190,000) to 125,000 euros suspended in full for three years, taking into account the period in which they were directors and the short time in which exercised management functions.
Stressing that the directors “can and must be held accountable” the judge considered that the particular context of the Portuguese Private Bank (BPP) – “a very small bank, very hierarchical” – meant that they were “more performers” in addition to that, in the present cases, issued “several alerts to administration “.
In the case of BPP, the judge reduced the fine that the bank was convicted of three million euros (suspended in half its value over three years) to two million euros, suspended all the same period, upheld the conviction of 2.5 million euros on Private Holding and reduced the fine that the former president and founder of the bank, John Rendeiro, was convicted of 1,995,191.58 euros to 1.5 million euros, maintaining the additional penalty of disqualification from positions in any credit institution or financial company for a period of 10 years.
No comments:
Post a Comment