Neither the Resolution Fund nor the Novo Banco wanted it, but the bank led by Antonio Ramalho is already a shareholder in the companies of Luis Felipe Vieira, the former president of Benfica, Monday’s Eco report. €160 million owed by Promotelor and Inland, in the hands of Novo Banco in the form of Mandatorily Convertible Securities (VMOC), has been converted into equity.
The banking institution owned a part of these companies after the conversion, which led to an increase in the capital. That is, the bank owns 67% of the Promotelor, in a transfer of 90 million euros to VMOC; And the majority of internal capital after the 70 million euro transfer to VMOC. and that Luis Felipe Vieira no longer owes the bank, after years of loans granted by the former Banco Espírito Santo (BES).
Although they are still in negotiations with the former president of Benfica, the transfer and access to capital appears to be a problem for both the bank and the Resolution Fund, which previously filled billions of euros in gaps with taxpayers’ money. BES. The two companies owned by Novo Banco have passive capital of €200 million, Eco confirms, in total debt that has already reached €400 million before several asset disposals.
Due to difficulties in negotiations with Luís Filipe Vieira, it was not possible to extend the deadline for the conversion of the VMOC to 2023, as the settlement fund authorized Novo Banco management to reject it.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
