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Fri, 14 Sep 2018 11:27 - Updated Fri, 14 Sep 2018 11:27

Shareholders of Banco Económico deny Álvaro Sobrinho's statements

Luanda - The board of directors and the shareholders of Banco Económico (B.E) Bank on Wednesday denied the statements made by the former chairman of the Executive Committee of Banco Espírito Santo Angola (Besa), Álvaro Sobrinho.

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Álvaro Sobrinho considered “Political decision” as the cause of the B.E bankruptcy.

According to a note from shareholders of the Banco Económico Bank the statements made in an interview with the Public Television of Angola (TPA) on Tuesday (Sept 11) by Álvaro Sobrinho were considered "false and untrue".

On the document, the shareholders refer to the statements of the Centrall Bank of Angola (BNA), dated October 20, 2014, and the Central Bank of Portugal, dated August 3, 2014, which mention passages that reveal the consequences of management actions by the businessman Álvaro Sobrinho.

On an interview to the TPA, Álvaro Sobrinho said that Besa’s bankruptcy happened due to a political decision, taking into account the people involved in it.

Besa's bankruptcy was declared on October 14, 2014. At the time it had 34 branches.

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