Monday, January 25, 2016

Pharol Zeinal Bava accused of “grossly violating” their duties – Jornal de Negócios – Portugal

The Pharol accuses the former leader of the PT and Hi, Zeinal Bava, “using PT SGPS as lender of Espírito Santo Group (GES)” “illicitly” and ignorance of the executive committee.

These are some of the charges that Pharol lawyers come against the manager, according to the document which was received at court this Monday, January 25, that the business had access.

The words of Cuatrecasas’s lawyers are hard. And do not point the finger only Zeinal Bava. Henry Grenadier and Pacheco de Melo also in the list of defendants.

The document begins by recalling that in 2010 the author, former PT SGPS, completed the sale of its stake in Vivo in Brazil to Telefónica for 7 , 5 billion euros. “Following that sale, the author remunerated, in legal terms, the capital invested by its investors,” say the lawyers in the court proceedings.

“But then, in an unlawful manner and lack of own executive committee, under delegated powers, the then CEO of the author, eng. Zeinal Bava, decided to use the author, then called PT SGPS, as lender of Espírito Santo Group (GES). “

It continues: “It was under his direction, coordination and oversight that began to be made illegal loans to GES” and “that was instituted a system of corporate governance in which the administrator responsible for internal auditing of financing the GES was the same Administrator decided that the responsibilities and functions so precisely accumulated by eng. Zeinal Bava. “

The charges against the former CEO of Hi go further. According to the investigations of Pharol was also during Zeinal Bava of leadership that were implemented “internal control systems did not allow detect illicit realization of financing the GES”.

The lawyers still conclude that it was under the direction of manager that PT was “unnecessarily indebted for half a billion euros to increase the level of funding to GES – 250 million to 750 million euros – supporting the GES lower interest rate than that to which the author is financed for both “

In reference to the commission of inquiry to BES case when Zeinal Bava assured MPs that.” sane did not know the applications “on Rioforte, lawyers still leave a pretense:” One day if the “good conscience” of Eng. Zeinal Bava or the “coexistence” of the three defendants to their responsibilities permit, the author and all their stakeholders will know what the real reasons that led those violating order so grossly their fiduciary duties to the ultimate benefit of the then Group Holy Spirit causing high losses are because of this action, “he concludes.

During the inquiry committee Zeinal Bava explained that” out of PT SGPS I had to know what was happening in PT SGPS. I do not keep any memory that had I been transmitted any information from any application after the date of my departure “

Zeinal Bava:.” In good conscience did not know the applications “on Rioforte

More charges coming?

Henry Grenadier and Luis Pacheco de Melo reappear in court actions Pharol. In the first wave, the allegations against the former managers were related to investment in Rioforte.

Now, in the process which was received in court on Monday, the charges are broader, encompassing the entire investment model at GES since 2010 until the application which led to a hole of almost 900 million euros in the carrier. Debt that then went to Pharol.

The Cuatrecasas said that Henry Grenadier “accepted at least continue with all the above described practical” when replaced in 3 June 2013 Zeinal Bava as chief executive officer of PT SGPS.

“It is at least as it was not possible to date to examine whether the second defendant (Grenadier) in 2010 or later when exercising the functions of chairman of the non-executive board of directors had already agreed to participate in the realization and concealment of illicit financing to the GES “.

Already Against Pacheco de Melo, former financial administrator, the arguments relate with the fact that it accepted “supervise the preparation of financial reporting documents escamotearam over four years the achievement of illicit financing to the GES at the expense of the author’s interests.”

According to the lawsuit, the Pharol He has no doubt that “the defendants have not hesitated to use the author as funding of then activities Group Holy Spirit to expose the author to a growing risk, without any connection with the objects of the same, eventually causing a loss even gross but it certainly is huge. “

” The defendants are responsible. Only they can answer service who or what practiced such acts, “reinforces the Pharol.

This is the third wave of advanced processes for Pharol under the Rioforte case. In October 2015 led entity by Luís Palha da Silva has advanced against three former managers of PT and earlier this year against Deloitte, a former auditor of the company’s accounts.

And according to the statement issued on Monday the CMVM does not put aside the chance to come up with more processes. “It degrades the right to Pharol come to blame other elected directors for the period 2012/2014 or third parties who, somehow, have had responsibility for damage to Pharol in result and / or related investments in debt instruments issued by member institutions of the Holy Spirit Group. “

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