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ATA - Tax register/Number of small businesses tripled in last 5 years
TIRANA, September 25/ATA/During the last five years, the number of small businesses has tripled.
Prime Minister Edi Rama provided data today...
NNA - إطلاق مبادرة بيروت في منازل الذاكرة لترميم أبنية تراثية تضررت جراء انفجار المرفأ الاربعاء
وطنية - أعلنت 'مؤسسة هبة القواس' الدولية أنها بالتعاون مع 'مينتور' العربية و"مجموعة اليافي" والمجلس اللبناني الالماني للثقافة والاثار، إطلاق مبادرة "بيروت في منازل الذاكرة" لترميم ابنية تراثية تضررت جراء...
MAP - L'Africa Design Academy verra le jour en octobre 2021
Rabat-25 Septembre 2020-(MAP) -Le designer international Hicham Lahlou a annoncé le lancement en octobre 2021 de l"Africa Design Academy", ...
ATA - COVID-19/ Ministry of Health: 100 recovered and 134 new cases in last 24 hours
TIRANA,September 24/ATA/-In the past 24hours, 852 tests have been performed on cases suspected of COVID-19 with 134 cases confirmed positive,...
NNA - Yokohama supports Lebanon: Japanese Red Cross provides assistance to Lebanese counterpart
NNA - The Japanese Red Cross pursues its open campaign to help the Lebanese overcome the Beirut Port explosion disaster,...
MAP - L'événementiel en quête de perspectives meilleures
Casablanca-25 Septembre 2020-(MAP)-L'événementiel, industrie quasiment à l'arrêt depuis le début de cette crise sanitaire liée à la pandémie du nouveau...
NNA - Ministry of Health: 1143 new Coronavirus cases
NNA-The Ministry of Public Health announced on Friday the registration of 1143 new Coronavirus infections within the past 24 hours,...
MAP - Morocco, Green Energy Bridge Between Europe and Africa (The Parliament Magazine)
Brussels -September 25,2020(MAP)-Morocco has become a green energy bridge between Europe and Africa, wrote the European publication "The Parliament Magazine"....
ATA - SCA dismisses from office former head of Serious Crime Prosecution
TIRANA,Sept 25/ATA/–I.Vata/ Former head of Serious Crimes Prosecution, Donika Prela, is dismissed from office.
The Special College of Appellate has dismissed...
NNA - وزارة الصحة: 1143 اصابة كورونا
وطنية - أعلنت وزارة الصحة العامة تسجيل 1143 اصابة كورونا جديدة رفعت العدد التراكمي منذ 21 شباط الماضي الى 33962 حالة.

وجاء في تقريرها:
MAP - Morocco Successfully Issues 1-bln-euro Bond
Rabat-September 25,2020-(MAP)-Morocco on Thursday issued successfully a one-billion-euro bond on the international financial market (two tranches of 500 million euro),...
NNA - Ministère de la Santé: 1143 nouveaux cas confirmés et 4 décès
ANI–Le ministère de la Santé publique a annoncé ce mardi dans son rapport quotidien 1143 nouveaux cas confirmés de coronavirus,...
MAP - Three Projects Announced as part of 2021-2023 Industrial Recovery Plan - Official
Casablanca - September 25, 2020 - (MAP) -Minister of Industry, Trade and Green and Digital Economy Moulay Hafid Elalamy announced,...
CNA - ثماني حالات إصابة جديدة بفيروس كورونا اليوم
وكالة الأنباء القبرصية - قبرص / نيقوسيا - مهى ميخائيل
أعلنت السلطات اليوم عن اكتشاف ثماني حالات إصابة جديدة بفيروس كورونا في قبرص، وذلك بعد إجراء 2615 فحصاً معملياً. ليصل العدد...
Lusa - Business News - Portugal: PSI20 stocks close Friday down 1.3%, seventh consecutive drop
Lisbon, Sept.25,2020 (Lusa)- The Lisbon stock market closed down on Friday for the seventh consecutive session, with the PSI20 index...
Lusa - Business News - Portugal: 'Alentejo Global Export' project aims to promote agri-food companies
Portalegre,Sept.25,2020(Lusa)–Sixty companies linked to the agri-food sector in Alentejo will be able to join a project to internationalize their products...
Lusa - Business News - Portugal: Country now on Switzerland's quarantine list
Geneva, Sept. 25, 2020 (Lusa) – Travellers from Portugal to Switzerland will have to undergo a 10-day quarantine from Monday,...
Lusa - Business News - Portugal: Police seize 1,200 kg of sardines abandoned on Matosinhos quayside
Matosinhos, Porto, Sept.25,2020(Lusa)–The Coastal Control Unit of the GNR national guard on Friday seized 1,200 kilograms of sardines in Matosinhos,...
CNA - رئيس المجلس الأوروبي: يجب وقف الأعمال الأحادية الجانب وانتهاكات القانون الدولي في شرق البحر المتوسط
وكالة الأنباء القبرصية - بلجيكا / بروكسل - اثاناسيوس اثاناسيو
قال رئيس المجلس الأوروبي شارل ميشيل اليوم أنه يجب وقف الأعمال الأحادية الجانب وانتهاكات القانون الدولي في شرق البحر المتوسط بشكل...
CNA - وزيرة بريطانية تعرب عن دعمها لتسوية القضية القبرصية والقرارات المتعلقة بفاماغوستا
وكالة الأنباء القبرصية - المملكة المتحدة / لندن - ثناسيس غافوس
أكدت وزيرة خارجية المملكة المتحدة لشؤون الاتحاد الأوروبي ويندي مورتون دعم المملكة المتحدة المستمر من أجل التوصل إلى تسوية عادلة...
Lusa - Business News - Portugal: Azores records two more coronavirus cases in 1,094 tests done in last
Ponta Delgada,Azores,Sept.25,2020 (Lusa)-The 1,094 tests performed in the Azores in the last 24 hours have diagnosed two positive coronavirus cases,...
Lusa - Business News - Portugal: Number of drivers caught with no insurance up 200% in the last decade
Lisbon, Sept.25,2020(Lusa) - The number of uninsured drivers in Portugal detected by the authorities increased 200% in the last decade,...
Lusa - Business News - Portugal: New legislation on work onboard fishing vessels approved by parliament
Lisbon,Sept.25,2020(Lusa)- The Government's draft law on work on board fishing vessels was approved by a large parliamentary majority on Friday....
Lusa - Business News - Portugal: Food security officers seize 22 tons of food in roadside spot checks
Lisbon, Sept.25,2020(Lusa)- About 550 masks with improper CE marking and 22 tons of food, such as meat, cheese and tomatoes,...
Lusa - Business News - Portugal: Road accidents at all-time low - Minister
Lisbon,Sept.25,2020(Lusa)-Portugal may record the lowest number of fatal accidents and serious injuries on the roads this year since records began,...
Lusa - Business News - Portugal: Public sector balloons by over 15,000 in Q2
Lisbon,Sept.25,2020(Lusa)-The number of public sector workers in Portugal increased by more than 15,000 in the second quarter of the year...
Lusa - Business News - Cabo Verde: Domestic flights still hobbled by border controls
Praia, Sept.25,2020 (Lusa)- The Cape Verdean airline TICV acknowledged on Friday the need for Cabo Verde to quickly reopen international...
CNA - المتحدث باسم وزارة الخارجية اليونانية: اليونان تدعم قبرص في سعيها لفرض عقوبات على تركيا
وكالة الأنباء القبرصية - اليونان / اثينا - اذاموس زخرياديس
قال المتحدث باسم وزارة الخارجية اليونانية ألكسندروس جينيماتاس اليوم أن اليونان تدعم قبرص في سعيها إلى فرض عقوبات على تركيا. ...
Lusa - Business News - Cabo Verde: Social security spends €6M on furloughs, welfare in second quarter
Praia, Sept. 25, 2020 (Lusa) - Cabo Verde's National Social Security Institute (INPS) spent the equivalent of almost €6 million...
CNA- Hellenic Bank posts net profit of €17.7 million in H1 2020
CNA - CYPRUS/Nicosia
Hellenic Bank, Cyprus` second largest lender posted a net profit of €17.7 million in the first half of...
Lusa - Business News - Portugal: Évora to host new trans-Atlantic aircraft project
Évora, Portugal, Sept.25,2020 (Lusa) - The first complete aeronautical project in Portugal, the ATL-100, to develop, manufacture and operate a...
Lusa - Business News - Macau: Region loses 13,500 non-resident works, unemployment unaffected
Macau, China, Sept.25,2020(Lusa)- Macau lost more than 13,500 non-resident workers in 2020 due to the economic impact of the pandemic,...
CNA - الرئيس اناستاسياديس يؤكد أن عملية السلام لا يجب أن تخضع لظروف الترهيب والتهديد
وكالة الأنباء القبرصية - قبرص / نيقوسيا - مهى ميخائيل
أكد رئيس الجمهورية نيكوس أناستاسياديس بأن الشرط الأساسي لكل عملية سلام هو أنه من أجل استئناف المحادثات بآفاق واقعية للنجاح، من...
Lusa - Business News - Angola: Claim of €193M misappropriation 'diversionary move' - Ex-VP
Lisbon, Sept. 25, 2020 (Lusa) - The former vice-president of Angola Manuel Vicente has denied appropriating €193 million from Sonangol...
Lusa - Business News - Macau: Air Macau sees passenger numbers doubling in October from September
Macau, China, Sept.25,2020(Lusa)- Air Macau told Lusa on Friday that it expects to have twice as many passengers in October...
Lusa - Business News - Portugal: PSI20 opens 0.09% down at 4,045.99 points
Lisbon, Sept. 25, 2020 (Lusa) - The Lisbon Stock Exchange opened in negative territory on Friday, with the main index,...
Lusa - Business News - Portugal: Top headlines on Friday
Lisbon, Sept. 25, 2020 (Lusa) - The decisions from Thursday's cabinet meeting to extend the credit moratoria until next September...
Lusa - Business News - Portugal: Resolution Fund dismisses report Novo Banco sold insurer off cheap




Lisbon,Aug.10,2020(Lusa)-Portugal's banking sector Resolution Fund, which is overseen by the Bank of Portugal and which has a stake of 25% in Novo Banco, the successor to Banco Espírito Santo, which was wound up in 2014, has dismissed reports that the bank sold an insurance company at an unwarranted discount, arguing that the selling price reflected "the market value" at the time.
"In the assessment of the Resolution Fund, the sale value corresponded to the value of the best offer received following an open and competitive sale process and therefore reflects the market value, at that moment, of the asset in question," reads a statement sent to the media on Monday by the Resolution Fund.
In October, Novo Banco sold the insurance company at 31.5% of book value to investment funds managed by Apax, an operation that generated a loss of €268.2 million that could then be offset by an injection from the Resolution Fund, the Portuguese daily newspaper Público had reported.
According to the Resolution Fund, a public sector entity whose accounts are reflected in the country's fiscal deficit, "the sale of the stake held by Novo Banco in GNB Vida was an imperative dictated by the commitments assumed by the Portuguese State with the European Commission" and had to be done by the end of 2019.
Given that "the stake held by Novo Banco in GNB Vida was covered by the contingent capitalisation mechanism", which allows the bank to borrow up to €4.9 billion from the Resolution Fund, with finance from the state treasury, the Fund "analysed the operation [...] in the light of the objective of minimising the losses covered by this mechanism," the statement goes on. "Tus, the analysis of the Resolution Fund dealt with the aspects related to the valuation of assets and the fostering of conditions that would ensure the maximisation of their recovery levels [and it concluced that] the process was competitive and aimed at maximising the value of the asset, noting that the proposal selected had been the most attractive and appropriate to market conditions."
The Resolution Fund thus "concluded that the sale of GNB Vida was the solution that minimised the losses for the contingent capitalisation mechanism, at the same time as it allowed the fulfilment of the commitment assumed by the State towards the European Commission," the document states.
It goes on to say that "it was borne in mind that the assessment of the suitability of the buyer is the responsibility of the Insurance and Pension Funds Supervisory Authority ('ASF')", which in turn made the transaction dependent on ASF approval "including as to the suitability and eligibility of the buyer.
"It is false that GNB Vida was acquired by 'a manager convicted of corruption'," the statement contends. "The acquisition was made by APAX Partners funds, whose suitability was assessed by the competent authority."
The ASF had earlier said that it had not observed any link between the buyers of GNB Vida and Greg Lindberg, a manager found guilty of bribery by a US court.
"ASF, in the multiple steps taken, before and after the aforementioned non-opposition [to the GNB Vida deal], did not observe any connection between Greg Evan Lindberg and the acquiring group of GNB - Companhia de Seguros de Vida, S.A.," reads a news release sent by the ASF to the media on Monday.
GNB Vida - now renamed Gama Life - "was sold in October 2019, to funds managed by Apax Partners, at a discount of 68.5% compared to the book value entered in the balance sheet on June 30 of that year," Público had reported, adding that the operation "generated a loss for the financial institution of 268.2 million euros" and provided Novo Banco's CEO, António Ramalho, with a justification for "a new request for the injection of public funds."
However, the newspaper writes, "it is not just the sharp change in values that is causing controversy, it's the signs that national and European authorities played down evidence of the connection between Gama Life's buyer and insurance sector magnate Greg Lindberg, who has already been convicted this year by US courts for corruption and tax fraud."
In September 2018, Novo Banco had informed the market that GNB Vida had been sold for €190 million to Bankers Insurance Holdings, a subsidiary of Global Bankers Insurance Group, owned by Lindberg. However, the deal was paused after it became public that Lindeberg was being investigated for tax fraud, bribery and improper payments to the Republican Party in exchange for regulatory benefits for Global Bankers, Públic reports.
The newspaper links the careers of directors of GamaLife (GNB Vida's new name) with Lindberg, describing Matteo Castelvetri as "Lindberg's main executive" in Europe, and Alistair Wallace Bell as GBI's director of strategy and operations for Europe.

JE/ARO // ARO.
Lusa


Agency : LUSA

Date : 2020-08-12 14:21:00







 

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