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Portugal: State-owned bank analysing past management amid controversy over audit
9:19 CAT | 01 Feb 2019
The non-executive chairman of Portugal’s state-owned bank Caixa Geral de Depósitos said on Friday the bank is analysing “management acts” from the past to possibly subject former managers to civil liability suits.
Rui Vilar said at a media conference on the presentation of the bank’s results for 2018 that following legal opinions by experts the bank initiated an analysis of cases with the support of lawyers.
CGD has faced controversy since last week, following the disclosure of the preliminary version of the bank’s audit, requested by the government in 2016, by the former Left Bloc deputy Joana Amaral Dias.
The bank saw consolidated profits of €496 million in 2018, well above its €51.9 million in profits registered in 2017, the bank said on Friday.
This is the second consecutive year CGD has made a profit after seeing accumulated losses between 2011 and 2016 reach €3.8 billion.
Source: Lusa
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