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After all, the management of Novo Banco has also failed. The special audit reveals that Novo Banco sold assets without identifying buyers.
The report concludes that the bank did not have internal procedures to sell assets to combat money laundering and conflicts of interest. Examples include the sale of BES Investimento and BES Vénitie.
These sales operations will have been approved by the respective supervisors based on the information provided by the potential buyer.
For these businesses, the bank’s management admits that the buyers had complex structures and that Novo Banco only asked the buyers for a statement that none of the participants owned more than 25% of the entities.
In addition, Novo Banco sold virtually all assets below the values on the bank’s balance sheet and, according to Deloitte, it never justified the variation in valuations or justified the difference in price between the valuation and the sale.
The 300-page report is already available on Parliament’s website, with no information that could compromise bank secrecy.
