The Supervisory Court condemned on Monday the Portuguese Private Bank (BPP) to a fine of two million euros, which suspended in full for three years, aimed at “protecting creditors”, in particular former clients.
Judge Claudia Roque read the sentence process started in June 2014 the Court of Competition, Regulation and Supervision in Santarém, where 10 of the 11 defendants appealed the fines with a higher total amount of 10 million euros, enacted by the Bank Portugal (BoP) in October 2013, for offenses as falsification of accounts and making false information, among others.
In the case of BPP, the judge reduced the fine that the bank had been convicted three million (suspended in half its value over three years) to two million euros, and suspended in full for the same period.
He kept 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 inhibiting the positions of exercise at any financial institution or financial corporation for a period of 10 years.
The sentence absolve the directors that were condemned by the BOP, including Nuno Paramés and Rui Domingues, which had been fined 75,000 and 90,000 euros, respectively (suspended in 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 who exercised management functions. Stressing that the directors “can and should be held accountable,” the judge understood 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, they issued “several alerts to management.”
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