manxy Posted August 3, 2014 Share Posted August 3, 2014 Interesting developments in Portugal 'The bank reported a stunning first-half loss of $4.8 billion that will force it to raise more capital' 'After the bank’s earnings report, the central bank issued a statement ordering Banco Espírito Santo to raise more funds and announced the suspension of three members of the Espírito Santo family, which has controlled the bank for generations.' New York Times Link 'The central bank also faulted KPMG, the auditing firm long used by the Espírito Santo group.' 'Ricardo Espírito Santo Silva Salgado, the family patriarch and former head of Banco Espírito Santo, was arrested and ordered to post bail of €3 million last week as part of a money laundering and tax evasion investigation.' Link to comment Share on other sites More sharing options...
Shake me up Judy Posted August 3, 2014 Share Posted August 3, 2014 I wonder if that money laundering and tax evasion had anything to do with a Manx ferry company ? Link to comment Share on other sites More sharing options...
manxy Posted August 3, 2014 Author Share Posted August 3, 2014 I wonder if that money laundering and tax evasion had anything to do with a Manx ferry company ? The thought crossed my mind initially, but nothing mentioned or alleged. Steam Packet Portugal resident.com also included Guernsey, Jersey and IOM Portuguese authorities were said to be considering using public funds to help shore up BES's capital alongside new money from investors, Reuters reported on Friday. Link to comment Share on other sites More sharing options...
GD4ELI Posted August 3, 2014 Share Posted August 3, 2014 I wonder if that money laundering and tax evasion had anything to do with a Manx ferry company ? No - read the link. Link to comment Share on other sites More sharing options...
Shake me up Judy Posted August 3, 2014 Share Posted August 3, 2014 How do you conclude that when the investigation is ongoing ? We don't have the full story yet. Link to comment Share on other sites More sharing options...
GD4ELI Posted August 3, 2014 Share Posted August 3, 2014 You have enough though Link to comment Share on other sites More sharing options...
Thomas Jefferson Posted August 3, 2014 Share Posted August 3, 2014 If they need to raise more capital to compensate for the loss, perhaps the IOM Government could buy back the Steam Packet at a reasonable price? Link to comment Share on other sites More sharing options...
spook Posted August 3, 2014 Share Posted August 3, 2014 If they need to raise more capital to compensate for the loss, perhaps the IOM Government could buy back the Steam Packet at a reasonable price? With what? The fools have wasted all the money. Link to comment Share on other sites More sharing options...
Thomas Jefferson Posted August 3, 2014 Share Posted August 3, 2014 Perhaps Russia could buy it then. Help us Vladimir Putin, you're our only hope. Link to comment Share on other sites More sharing options...
Lightening McQueen Posted August 3, 2014 Share Posted August 3, 2014 If they need to raise more capital to compensate for the loss, perhaps the IOM Government could buy back the Steam Packet at a reasonable price? When have IOM Government ever paid a reasonable price for anything! Link to comment Share on other sites More sharing options...
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