Top court backs Banco de Portugal in BES bond case
Portugal’s top administrative court upheld Banco de Portugal’s 2015 transfer of more than €2 billion in Novobanco senior bonds to BES, a key ruling in a long-running banking dispute.
Portugal’s Supreme Administrative Court has upheld a lower-court ruling in favour of Bank of Portugal over the 2015 retransfer of more than €2 billion of Novobanco senior bonds to BES, in a decision that matters for investors following one of the country’s longest-running banking disputes.
The first ruling on the appeals lodged by large funds rejected arguments over the central bank’s powers, alleged discrimination against investors and the need to refer the case to the Court of Justice of the European Union. The decision also blocks, for now, an attempt to send the case to the EU court.
This first Supreme Administrative Court ruling concerns the appeal filed by fund Weiss. After the January judgment, more than a dozen appeals were submitted, with around five moving on to the higher court.
According to the material provided, the funds may still have domestic legal options, including a possible appeal to Portugal’s Constitutional Court.
Originally published at Eco.pt
