BES’s exposure to BES-Angola, of which it controlled 55.7%, exceeded €3.3 billion in 2014 after the Angolan bank had granted credits to beneficiaries whose identities were not even registered. Many of these loans were not secured, something that became clear to BES in November 2013 whose directors were under an obligation to inform the Bank of Portugal, which they did not.

This is just another day in the life of the failed banker, these fines are for misconduct, so can be challenged in Court.