Shareholders of Banco Economico deny A�lvaro Sobrinho’s statements

Luanda – The board of directors and the shareholders of Banco Economico (B.E) Bank on Wednesday denied the statements made by the former chairman of the Executive Committee of Banco Espirito Santo Angola (Besa), A�lvaro Sobrinho.

A�lvaro Sobrinho considered Political decision as the cause of the B.E bankruptcy.

According to a note from shareholders of the Banco Economico Bank the statements made in an interview with the Public Television of Angola (TPA) on Tuesday (Sept 11) by A�lvaro 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 A�lvaro Sobrinho.

On an interview to the TPA, A�lvaro 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.

Source: Angola Press News Agency