Buyer only gave 2 million. Resolution Fund blocks sale of Ongoing credits – O Jornal Económico

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The news is advanced by “Correio da Manhã”. The Resolution Fund will have halted Novo Banco’s sale of Ongoing’s debt to a North American investment fund. Reason? The insignificance of the amount. The debt amounts to 600 million euros and the sale would be for two million. In other words, writes the CM, with a “99% discount”.

The debt dates back to the heyday of the relationship between strong men from BES, Ricardo Salgado, and Nuno Vasconcelos, from Ongoing.

Banco Espírito Santo (BES), the largest Portuguese private bank at the time, ended in August 2014, the target of resolution, giving rise to the ‘bad bank’ and the ‘good bank’. Novo Banco embodied the ‘good bank’. This institution, currently led by António Ramalho, is 25% owned by the Bank Resolution Fund and 75% by the Lone Star fund.

Ongoing’s debt is pointed out by the newspaper, “as the credit transferred from BES that caused the most losses to the management led by António Ramalho, in the post-resolution of BES”.

This credit is said to have been sold to the Davidson Kempner fund at the end of last year, also without success.

The two million of the alleged sale are equivalent, according to the CM, “to the value attributed to two apartments that will belong to entities controlled by Nuno Vasconcelos”, owner of Ongoing, now residing in the region of São Paulo, Brazil.

Portuguese banks have been reducing bad debt portfolios as a way of presenting a healthier balance sheet.

Novo Banco says that it “does not sell properties at a discount”, as it sold at the market price.

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