Marques Mendes predicts CGD's mismanagement charges in 2005-2008 – Jornal Econômico

Marques Mendes predicts CGD's mismanagement charges in 2005-2008 - Jornal Econômico


Luís Marques Mendes revealed tonight in his usual comment on SIC that the audit that was already carried out to the management of Caixa Geral de Depósitos, due to the large debtors that came into default, concluded that between 2005 and 2008 the bank approved " various ruinous operations ".

The document on CGD's activity between 2000 and 2015 has been in the Public Ministry for months. It was ordered to be made in 2017 and is already done and completed, said the commentator.

Marques Mendes found that "the audit covers the period from 2000 to 2015, but that the period between 2005 and 2008 is the period of CGD's most ruinous operations."

The fact that an audit is in the Public Prosecutor's Office, at his request, "for a few months" means that "more month, less month we will have charges of bad management of Caixa, those responsible for that period."

This audit is also at the European Central Bank, this is important because "people who have gone to CGD, if they need to be appointed to other banks and need to be on the ECB's screen, they probably will not."

The years mentioned by Marques Mendes cover the administration of CGD managed by Carlos Santos Ferreira.

The audit to CGD was made by the consultant Ernest and Young, and refers to the management of the state bank between 2000 and 2015.

The audit covered five administrations. António de Sousa, who was chairman of the board of directors between 2000 and 2004, and was appointed by the Government of António Guterres. This administration was also part of the former Minister of Industry Cavaco Silva, Mira Amaral.

He was followed by Vítor Martins, who was only one year in the CGD between 2004 and 2005. He was chosen under the government of Pedro Santana Lopes by the then Finance Minister António Bagão Félix. At that time the former Justice Minister of Durão Barroso appointed by the CDS, Celeste Cardona, was also appointed to the administration.

With the change of government in 2005, the new prime minister, José Sócrates, replaced Vítor Martins with Carlos Santos Ferreira, who had been at the forefront of CGD's insurance business. He served from 2005 to 2008 and went directly to the leadership of BCP. This administration was also part of the former Minister of Youth and Sports of António Guterres, Armando Vara.

Still with the Government of Socrates, a former PSD minister, Fernando Faria de Oliveira, will be joining the chairman of CGD's board of directors until 2011, when he leaves for the Portuguese Banking Association. This administration included Rodolfo Lavrador, who was the chief of staff of António Guterres, or Jorge Tomé, who was president of Caixa Banco de Investimento.

Then comes José de Matos, a member of the Banco de Portugal, who completes two terms: 2011 to 2013 and 2013 to 2015. His team included, among others, Nuno Fernandes Thomaz and António Nogueira Leite.

The research focused on three main areas of analysis: credit granting, acquisition and disposal of assets and strategic decisions and business.

Another important innovation revealed by Marques Mendes refers to China's Three Gorges takeover bid for EDP. "I think that the takeover bid for EDP will die of natural death, because it will not pass in the United States and European regulators," predicts the commentator.

The question that is posed to EDP is that it will have profits in the activity abroad and losses in the domestic activity.

Operation Fizz

The sentence applied to Orlando Figueira is heavy, said the commentator. The court went beyond the prosecutor's office.

The crimes given as proved, would mean that Manuel Vicente would be condemned for being the corruptor. This is if the Court of Appeal had not sent the case of the former Angolan vice president to Angola.

Another issue under analysis was the issue of the Volunteer Firemen's League says it will abandon the National Civil Protection System. The League challenges the Civil Protection reform that the Government approved last October 25th.

Marques Mendes speaks again of the attitude of "arrogance" of the Government.

"Firefighters need the State, but the State needs and much of the Firefighters' courage and generosity."

António Costa has had almost as many strikes in the civil service as the nearly 400 strikes of the previous government. This was another topic addressed by the commentator.

(in update)



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