Banco Privado Português directors trial – ‘severe punishment’ called for
As the trial of the former directors of the collapsed Banco Privado Português nears its conclusion, prosecution lawyer have asked the courts to throw the book at João Rendeiro, the former president of the bank.
Stating that Rendeiro, Paulo Guichard and Salvador Fezas Vitalis should be “severely punished,” the lawyer acting on behalf of the bank, said they should all be locked up.
“Dr. João Rendeiro, Dr. Paulo Guichard and Dr. Salvador Fezas Vital have to be sentenced to prison, there is no alternative, because this court must demonstrate – after Banif and BES – that there has to be a time when we have to say ‘that’s enough,’ said lawyer, Miguel Pereira Coutinho, addressing the court and insisting that the defendants must be severely sanctioned” because cases of banks that collapse due to bent management, “can not be repeated.”
Various public statements João Rendeiro has made, reveals that he does not have any regrets for his behaviour at BPP, citing a 2016 interview when Rendeiro said that he continues to “exercise his gifts,” through consulting services.
At the court hearing today, the Public Prosecutor asked for a jail term of seven to nine years for João Rendeiro and six to eight years for Paulo Guichard and Salvador Fezas Vital, considering them key players in the scam led by Dr. Rendeiro.”
The criminal case concerns computer fraud and falsifying documents between 2001 and 2008 when the Bank of Portugal finally intervened.
BPP was a private bank for high net worth individuals, founded by João Rendeiro. The bank’s ‘lack of liquidity’ led the Bank of Portugal to intervene at the end of 2008.
In July 2009, Paulo Guichard and Salvador Fezas Vital, two former BPP board members were suspended by the Bank of Portugal, and joined João Rendeiro for charges of falsifying accounts, tax crimes and money laundering.
In April 2010, the Bank of Portugal, “after verifying the impossibility of recapitalisation and recovery efforts of this institution,” ordered the liquidation of Banco Privado Português.
In October 2010, the Judicial Police conducted searches at the homes of former BPP directors investigating money laundering and fraud.
In February 2013, João Rendeiro, Fezas Vital and Paul Guichard, were charged with fraud in a collective investment scheme in which hundreds of clients lost a total of €41 million.
In May 2015, assets owned by João Rendeiro were seized to pay a €4.7 million fine to the Bank of Portugal.
The final court date for these crooks is January 25th after which, sentencing will be announced.
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