BES 'insolvency process has been delayed by several legal disputes. One of them is counted by the auditor of BES's 2019 accounts, PKF e Associados.
In the emphasis on the accounts, the statutory audit firm explains that a court decision is still pending to decide whose Espírito Santo Health Care Investment (ESHCI) 17,74% is owned and whose dividends this company distributed in 2014. , in the amount of 9,23 million euros, if BES is Espírito Santo Financial Group.
It all started in 2014. BES executed an attachment that had as collateral a credit granted to the branches, ES Saúde and ES Health Care Investment. ES Saúde's shares were sold in 2014 for 16,2 million and the participation in the second one is recognized in BES for 399 thousand euros, in addition to having resulted in a dividend distribution to the bank of 9,23 million for the financial year 2014 .
But in October 2015, the ESFG insolvency administrator, which takes place in Luxembourg, invoked the nullity of BES's financial pledge and demanded the proceeds from the sale of ES Saúde, ESHCI's shares, as well as the dividends received by the bank.
BES rejected ESFG's request, and on May 2, 2016, it was notified of the existence of an action brought by ESFG's insolvent estate. This action was accompanied by a precautionary measure in Luxembourg and another in Portugal with a view to provisionally holding it until the final decision on ESHCI's dividends and shares and the 16,2 million sale of ES Saúde. The court ended up listing these assets , BES having appealed to a higher court. On March 30, 2017, the Lisbon Court of Appeal decides in favor of BES, and extinguishes the precautionary measure. But the insolvent estate of the Luxembourg company contested, appealing, in April 2017, to the Supreme Administrative Court, which found BES right again and extinguishes the precautionary measure of March 21, 2018, having ordered the return of those assets to BES in court. .
However, on May 18, 2018, the ESFG bankruptcy claimed the right to restitution and separation of assets from the insolvent estate, provided for in the Code, in relation to the 550 shares of ESHCI (17,74%) and the 9,23 million obtained dividends of that company. Once again, BES contested on June 19, 2018 and an outcome of the ongoing legal proceedings is still awaited today.
In addition, ESFG challenged the list of creditors recognized by BES, before the Court of Commerce, as their right to these shares and dividends was not recognized there. What BES will contest. Thus an insolvency drags on for several years in national courts.
Also the liquidation of Banif, requested in July 2018, by Banco de Portugal, is far from complete.