Audit to CGD reveals “ruinous operations” between 2005 and 2008

Caixa Geral de Depósitos (CGD) was subject to a financial audit conducted by EY, to the management period between 2000 and 2015. It concluded that the public bank has approved, between 2005 and 2008, countless “ruinous operations”, according to Marques Mendes. The report isn’t public yet, but it is already at the Public Ministry.

The audit is looking at day-to-day management decisions in the period between 2000 and 2015, it was requested in 2016 and it was only concluded last year, as stated by Marques Mendes live on his daily comment on SIC’s evening news. The document was sent in July by CGD to the Public Ministry.

Mendes revealed that the document shows these years were “ruinous” in terms of managerial decisions. In that period of 2005-2008, Carlos Santos Ferreira was the head of the bank, which is now led by Paulo Macedo.

And the whereabouts of the audit? According to Mendes, “it still is at the Public Ministry, as requested by the Public Ministry itself”, he highlighted adding that “this might mean that, sooner or later, the accusations on the mismanagement referring to that period will be disclosed“.

However, not only the Portuguese Public Ministry who holds the information. The European Central Bank is also well aware of the results of the audit and has a copy in their hands. “The audit is also at the ECB. I would assume that in the near future, those which were successful with CGD and are looking for ECB’s approval, won’t be so lucky”, he added.