BPN Case – State to release €10 million seized from businessman

Businessman, Ricardo Oliveira was acquitted in two BPN lawsuits so the State wnow is obliged to release €10 million in cash and property that has been seized.

“In the face of the decision of the acquittal of the defendant Ricardo Manuel dos Santos Oliveira … it is determined the immediate removal of all the leins on personal and corporate assets,” read the Court summary.

Ricardo Oliveira was acquitted of two cases related to Banco Português de Negócios, after being accused of qualified fraud and tax fraud.

The businessman allegedly received €32 million in loans granted by the bank, but their existence could not be proved, resulting in the acquittal of the Portuguese businessman.

Ricardo Oliveira acted as business real estate agent for the BPN / SLN group, being involved in some dfeals that proved disastrous for the bank.

Parvalorem, the State-owned company that inherited BPN’s toxic assets, attempted to collect loans it claimed had been granted by BPN to Oliveira.

The court declared that Ricardo Oliveira should be acquitted on both counts and demanded that Parvalorem return all assets and money that had been seized.

While Parvalorem argued that it had inherited the loans granted to the entrepreneur, Ricardo Oliveira always denied the existence of any money owing.