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Lisbon court hands former government minister, former BPN chairman jail terms

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Staff 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.
Arlindo de Carvalho
Europe   Former minister Arlindo de Carvalho
De Carvalho was sentenced to six years in prison for embezzlement and tax evasion and Oliveira e Costa to 12 years in prison for two crimes of embezzlement.

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.