The supervisor fined the bank and three former managers – Ricardo Salgado, Amílcar Morais Pires and Rui Silveira – for “omitting mandatory communication to BbP of problems associated with the credit and real estate portfolios of BESA”, the extinct Banco Espírito Santo of Angola.

BES was sentenced to a single fine worth €3.4 million, Salgado to a fine of €1.8 million, Pires to €1.2 million and Silveira to €400,000.

“Particularly serious infractions” took place between 3 October 2013 and 3 August 2014, before the resolution of BES, which happened on 4 August that year.

BdP said that the three former managers challenged the decision of the Bank to the Competition, Regulation and Supervisory Court.

On Wednesday, the supervisor levied a €3 million fine to the audit company KPMG, which audited BES, for providing incomplete and false information to the supervisor, before the bank’s resolution in the summer of 2014.

In addition, two KPMG officials were also convicted “for particularly serious infringements.”

According to BdP, the auditor was aware of the risks related to credit portfolio of BES Angola and the problems it caused to BES in Portugal, not having transmitted that information to the supervisor.