Lisbon court hands former government minister, former BPN chairman jail termsStaff Writer | November 19, 2018
A Lisbon court has last week found Arlindo de Carvalho, a former minister, and José Oliveira e Costa, the founding chairman of Banco Português de Negócios, guilty of embezzlement and tax evasion, in a case linked to the broader one relating to events leading up to the bank’s effective collapse in 2008.
Europe Former minister Arlindo de Carvalho
The verdict in the trial of de Carvalho and Oliveira e Costa was read out at Lisbon’s Central Criminal Court on Monday.
Of the eight individuals who are defendants in the case, seven have now been given prison sentences for embezzlement or tax evasion.
BPN was nationalised by Portugal’s government in 2008, after it was brought to the verge of collapse by mismanagement, malpractice-related debt of some €1.8 billion and other irregularities, some of them serious. In 2012, BPN was sold to Angola’s Banco BIC, minus the bulk of its debts and bad loans, for €40 million. ■