The former president of BESI and five other former managers of BES and GES won the legal battle against the Credit Recovery Fund and recovered the seized assets, says the Observer.
José Maria Ricciardi, former president of Banco Espírito Investimento (BESI), sealed a victory in court against the Credit Recovery Fund, managing to recover the assets which had been arrested within the scope of a precautionary measure launched by the Credit Recovery Fund for the commercial paper of Espírito Santo Internacional and Rio Forte, reports the Observer.
Like Ricciardi, also Pedro Mosquiteiro do Amaral, António Souto and Rui Silveira, both former BES administrators, Jorge Carvalho Martins and João Ashformer administrators of BES and Novobanco, no longer had assets seized under the precautionary measure that had been applied to them.
According to the same news, the decision is from the 8th Section of the Lisbon Court of Appealwhich did not grant the appeal from the Credit Recovery Fund and considered that they were not fulfilled required by law to decree the preventive seizure of assets and ordered the “lifting of the previously decreed seizure”. The decision has already