Arab Today, arab today luxembourg court declares espirito santo holdings bankrupt
Last Updated : GMT 21:25:08
Arab Today, arab today
Arab Today, arab today

Luxembourg court declares Espirito Santo holdings bankrupt

Arab Today, arab today

Arab Today, arab today Luxembourg court declares Espirito Santo holdings bankrupt

Banco Espirito Santo
Luxembourg - AFP

Two holding companies of Portugal's bailed out Espirito Santo banking group have been declared bankrupt by a Luxembourg court, an official announcement said Friday.
The widely expected bankruptcy ruling of Espirito Santo Financial Group (ESFG) and Espirito Santo Financiere (ESFIL) came one week after the same court refused a request for creditor protection for the entities.
The companies are part of the complex web of assets that controlled the fortune of Portugal's prominent Espirito Santo family, including one of the country's biggest banks.
The collapse of Banco Espirito Santo (BES) came just months after Portugal successfully emerged from a 78-billion-euro ($99-billion), three-year bailout financed by the EU-IMF.
The bank descended into dire straits in July after reporting a record loss that exposed deep problems in its three holding companies and sparked allegations of multinational accounting fraud.
The BES bank was brought down largely by suspected improper accounting practices in the Espirito Santo Group built through mostly Luxembourg-based holding companies.
Faced with a potentially catastrophic bank failure, Portuguese authorities swooped in and split the lender into two banks: one to comprise the bank's viable assets, the other a so-called "bad bank", housing toxic debts.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today luxembourg court declares espirito santo holdings bankrupt Arab Today, arab today luxembourg court declares espirito santo holdings bankrupt

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today luxembourg court declares espirito santo holdings bankrupt Arab Today, arab today luxembourg court declares espirito santo holdings bankrupt

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday