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BES. Venezuelan victims "impatient" with lack of government response

by ace
BES. Venezuelan victims "impatient" with lack of government response

Those injured by BES in Venezuela are "impatient" with the Government's lack of response to requests for meetings to move forward with the creation of a fund that compensates them for the lost money, according to the group's spokeswoman, Sara Freitas.

According to the official, the injured parties have sent several e-mails to the Government asking for meetings, since after experts from the Bar Association considered that there had been fraudulent sales, the first work meeting for January had been agreed. But they have not been able to get an answer.

We agreed that in January we would start a working group with the Securities Market Commission (CMVM), Ministry of Finance and the Prime Minister's office and we never had anything ”, said Sara Freitas to Lusa.

For now, only one meeting is scheduled for March 18 with the communities' Secretary of State, Berta Nunes, but who has no direct responsibility in this dossier.

BES 'resolution is five and a half years old, we have done everything the Government has said, when there was a solution for the commercial role we were left out, the Bar Association appointed a committee of experts and had proof that there was' misselling' '(fraudulent sales). We are just waiting to start working ”, he asked.

In December, the expert committees appointed by the Bar Association released the conclusions of the analysis of the claims of injured parties indicating those that are eligible to be included in a possible credit recovery fund, among which the claims of the injured parties in Venezuela who invested in products Grupo Espírito Santo (GES) to Banco Espírito Santo (BES) branches.

In the conclusions, the experts considered that evidence of illicit practices in the sale of financial products was found and validated 3,594 requests for recovery of credits, of which 1,264 were requests from injured parties from BES's external branches (Venezuela and South Africa), for which a joint credit recovery fund should be set up.

The injured migrants from Venezuela want a solution similar to that found for the injured in the commercial paper.

Then, in 2017, this solution included phasing out compensation by tiers.

Thus, it was agreed that investors with investments of up to 500 thousand euros will recover 75% of the invested amount, up to a maximum of 250 thousand euros. Already above that amount, they recover 50% of the money invested.

The functioning of the fund should be similar to that created for the injured for the commercial role.

In other words, the injured customers transfer the credits they have on GES / BES to this fund and receive indemnities that compensate them for the money lost (although not in full). In order to pay damages to the injured parties, the fund must receive a guarantee from the State.

The fund will litigate in court and, if it decides in favor of the injured parties, it will be the credit recovery fund to receive compensation.

The association of injured parties in Venezuela told Lusa last December that 180 investors (sometimes each representing more than one person, since there are collective investments) are involved, injured by 95 million euros.

According to Sara Freitas, it is urgent to move towards a solution in the face of the serious humanitarian crisis in Venezuela, with elderly people receiving a pension equivalent to five euros, with no money to cover basic needs, in view of the savings they have lost “because they trusted in a Portugal's bank.

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