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Posted by portugalpress on September 14, 2018

In a judgement that shows it’s not just the little people who lose in bank collapses, Lisbon’s Court of Appeal has confirmed a sentence that lets Novo Banco totally off the hook from indemnifying multi-million business Grupo Amorim for its €179 million losses in commercial paper invested in the Espírito Santo Group.

Grupo Amorim, whose multiple interests include GALP Energia SGPS, S.A, is reported today to be still battling, on the basis that the appeal court judgement came from just one judge.

The company now run by deceased founder Américo Amorim’s daughter Paula is said to be demanding a ruling from a collective of judges - and that is still in the pipeline.

Whether this story is being highlighted today because a decision by the collective is imminent is anyone’s guess, but €179 million is a lot to lose without a fight, particularly as the single judge awarded costs of the appeal to be paid by Grupo Amorim.

Novo Banco’s ‘case’ was that the debt was not one that transferred to it when Banco Espírito Santo collapsed in 2014 to be subsequently divided into a ‘good bank’ (Novo Banco) and bad bank (for toxic debts).

Grupo Amorim’s luck (or lack of it) has been shared by television personality Teresa Guilherme who also lost her first round of a court battle to get back €2.3 million invested in Espírito Santo financial schemes, as well as a number of other VIPs.

Meantime, four years on from BES’ collapse and none of the people allegedly responsible for it have faced justice.

natasha.donn@algarveresident.com

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