This could well warrant a thread of its own.
I have just noticed that the alleged kidnapping, convicted fraudster Paulo Pereira Cristovao appears to have started work for Goldman Sachs.
Goldman Sachs are currently embroiled in a case with the Portuguese Bank BES over a defaulted loan of a mere €765m. Make of the appointment what you will.
https://www.algarvedailynews.com/news/10291-goldman-sachs-vs-novo-banco-case-to-be-heard-in-lisbon-not-londonThree London Court of Appeal judges unanimously have ruled that the legal dispute between Novo Banco and the US bank Goldman Sachs will have to be resolved in Portugal and not in the British courts.
This decision overturned a lower court decision in August that stated that the loan set arranged by Goldman Sachs in favour of the former Banco Espírito Santo (BES) just two months before it collapsed, could be heard in London.
Novo Banco, now run by António Ramalho, had argued that the case should be heard in Portugal with Goldman Sachs wanting the case to be judged in London in what it sees as a more competent and skilled framework when dealing with complex financial matters.
Novo Banco today said that the London court agreed with the decision of the Bank of Portugal that the case came under Portuguese law and that the proper place for the action to take place is in Portugal where the Administrative Court of Lisbon now will handle the battle over the €765 million 'disappearing loan.'
The money was credited to BES in June 2014 by Oak Finance, an investment vehicle set up by Goldman Sachs which was made up of several powerful funds.
BES then went bust in August 2014 and after its mutation into Novo Banco, the debt was taken on by Novo Banco as a liability.
In December 2014, the Bank of Portugal, led by Carlos Costa, shifted this liability from the recently refinanced ‘good bank’ Novo Banco to ‘bad bank’, the old BES which had no way of repaying such an amount.
The legal action to recover the debt that Carols Costa had wiped out with his magic wand was filed in the summer of 2015 by the group of international investors in Oak Finance which included a New Zealand state pension fund.
That case was opened after Novo Banco failed to pay the first installment of the loan in question, with the bank chaired by Eduardo Stock da Cunha considering itself free of this responsibility, but due only to some nifty and unethical financial footwork.
Much as the world dislikes Goldmnan Sachs, it has a good case against Novo Banco which, in collusion with the Bank of Portugal, stripped out a loan that was repayable when part of Novo Banco, and in effect was written off when is passed back to the BES ‘bad bank’ which was, and remains, deeply insolvent with billions in liabilities and scant few remaining assets.
Goldman Sachs will not be best pleased that the hearing now will be in Portugal where it rightly assumes that political interference is more likely than in London.
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Ex Portuguese PM Barroso is also currently working for Goldman Sachs International as the non-executive chairman.
https://www.expatica.com/pt/news/country-news/AD-Barroso-caught-lobbying-for-Goldman-Sachs-despite-ban_1715959.htmlPortugal’s Durão Barroso, former Prime Minister of Portugal, former EC President and current employee of the giant vampire squid, Goldman Sachs, has been caught lobbying on behalf of his employer, breaking a ban imposed by the European Commission when he left office.
EU Commissioner, Jyrki Katainen,� confirmed he had a lobby meeting with Barroso who had his Goldman Sachs International hat on.
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Katainen, EU Commissioner for Jobs, Growth, Investment and Competitiveness, has confirmed Barroso lobbied for investment bank Goldman Sachs International in a meeting at which the two discussed trade and defence.
After Barroso’s highly controversial appointment by Goldman Sachs in 2016, the ex-EU president told his successor, Jean-Claude Juncker, that of course he would not be lobbying EU institutions on behalf of his new employer.
This promise led the European Commission’s ethics committee to conclude that Barroso’s appointment would not interfere with his continuing duty to maintain integrity and discretion as set out in the EU treaties.
Katainen’s confirmation suggests that Barroso has ignored his earlier undertaking, an undertaking which protected his more than ample EU pension, and has betrayed the ethics committee’s trust that he would stick to his word.
European pressure group,� ALTER-EU, has filed a complaint urging the Commission to re-evaluate Barroso’s job at Goldman Sachs as he has been active in lobbying the European Commission.
Margarida Silva from ALTER-EU commented today, “Commissioner Katainen’s letter strongly suggests that Barroso is indeed using his privileged position to lobby the EU on behalf of Goldman Sachs. No one outside the institution has more insider know-how, contacts and lingering influence than a former president of the Commission, which is a great asset for any actor seeking to influence EU policy.”
“Given the new facts, the Commission’s ethics committee must re-assess its acceptance of Barroso’s role at Goldman Sachs. Former Presidents using their insider status to shape EU policy on behalf of a new employer shows neither integrity nor discretion.”
Myriam Douo from ALTER-EU member group Friends of the Earth Europe said, “This meeting is an excellent example of how the revolving door between politics and business benefits corporations. Barroso was able to set up a one-on-one meeting with a sitting commissioner with a single phone call. They met in a hotel and no minutes were kept of any part of the discussion.
“Only an insider like Barroso can get this type of highly-privileged access, which undermines democracy and feeds distrust in European cooperation. Barroso must face repercussions for breaking the European Treaties and his case be forwarded to the European Court of Justice.”
The confirmation of the lobby meeting between Barroso and Katainen added weight to an earlier complaint by ALTER-EU, which highlighted that the assessment of the former President’s new role was too narrow to fulfil the requirements of Article 245 of the European Treaties.
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