Corruption Probe Unveils Novo Banco’s Troubled Past
Portuguese authorities raided Novo Banco and KPMG amidst an investigation into alleged corruption linked to asset sales. The probe involved 100 inspectors targeting various locations to seize evidence. Novo Banco, recently acquired by BPCE, has faced scrutiny since its creation in 2014 following BES's collapse.
In a significant move, Portuguese police conducted searches at Novo Banco and KPMG as part of a corruption investigation concerning asset sales. This operation highlights ongoing scrutiny surrounding the bank, which was formed in 2014 after the collapse of BES and has since seen significant structural changes.
This large-scale investigation, involving 100 inspectors and IT professionals, spanned several locations, including Novo Banco premises, private homes, and auditing firms. The search seeks evidence related to potential crimes, such as corruption, fraud, and money laundering since the bank's restructuring in 2018.
Novo Banco, sold by Lone Star to BPCE earlier this year, and KPMG have yet to provide detailed responses. However, KPMG confirmed its cooperation with law enforcement as they requested information on a client. The investigation remains cloaked in judicial secrecy as it progresses.
Google News