Portugal Travel

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February 12, 2009

Anthony Franco talks about concealment of losses and profits

The former Director of Operations of BPN said this Thursday that the Bank Insular serbia only group companies to finance, operations and hide profits and hide losses.

"Roughly speaking it was to hide losses and profits, finance companies of the group and hide operations", said Antonio Franco, said to the agency Lusa. The parliamentary committee of inquiry into the situation that led to the nationalization of the bank.

About funding for shareholders and members of boards, including the Board said: "It does not say no."

This framework, which then was a director of operations manager of BPN, said in the early 2002 'and Oliveira Costa announced that it would take the bank Insular, and that the operations whose records were made for it by order of 'Oliveira e Costa, Francisco Sanches, Luis Leonel Caprichoso and Matthew, who worked with Caprichoso.

BDP has not enough questions

Sometimes received "orders not to record transactions, especially of 'assurances', some at the request of the Board, and specifically de Oliveira e Costa, but there are other members of the Council would know, as Francisco Sanchez' which had always presence at meetings of CA, revealed.

The people who dealt with operations, that they were "aware of the existence of the Insular, but there were many others, as has been said, emphasized the former director of operations of the BPN.