Announced this morning in Jornal de Negócios is the rushed sale of BES’ tainted insurance group, Tranquilidade.
Going for “just” €50 million – that’s just a quarter of what it is said to be worth – the sale has been heavily pressured by Portugal’s insurance institute.
According to SIC television news, the institute wants the deal tied up rapidly as it is “worried with the situation” within Tranquilidade.
Buyers, North American investment group Apollo Global Management, have negotiated the deal on the basis that they will not take on Tranquilidade’s massive debt as guarantor of credits held by BES in bankrupt Espírito Santo Financial Group.
As the sale continues to be finalised, RTP news carried further revelations on the politicians that had benefitted from €15 million worth of payments by Banco Espírito Santo in the years its former boss, Ricardo Salgado – now facing multiple fraud charges – was at the helm.
According to the station, President Cavaco Silva received €22,482 from Salgado alone to finance his 2006 presidential campaign, as well as a further €150,000 from “members of the Espírito Santo family”.
In a report that showed a visibly much-more spritely Cavaco Silva jumping up and down and waving at the crowds, RTP listed amounts the president of the republic received from other banks during his campaign. These included another €22,482 (the most any single donation is allowed by law) from BPP (Banco Privado Português), €10,000 from BCP (aka Millenium) and €20,000 from the soon-to-fall-into-financial-disgrace BPN.
The figures, released this week by Diário de Notícias, saw unsuccessful candidates Mário Soares, Manuel Alegre and Jerómino Sousa far less supported by banks. Indeed, Soares was the only candidate other than Cavaco Silva to receive financial backing from the banking sector. According to RTP’s report, neither Alegre (who ran as an Independent) nor Sousa (Communist) received any money from banks.
Novo Banco offloads Tranquilidade as Cavaco Silva now named in developing BES intrigue
