Bank of Portugal governor knew Rioforte was bust when stating it was ‘a viable company’

The Bank of Portugal hid a financial black hole of €954 million in Rioforte while guaranteeing to shareholders that the company was viable.

The Bank of Portugal, under governor Carlos Costa, (pictured), later failed to disclose key information about events leading to the bankruptcy of Rioforte, part of the Espírito Santo Group which collapsed in 2014.