“We are going to contest”, the source said, adding that “fines do not prohibit the professional activity” of Tomás Correia and “they are about credits granted to group companies and not to external clients”.

The Portuguese newspaper Público, disclosed on Thursday that the Bank of Portugal had found Tomás Correia along with seven former board members from Montepio bank, and the institution itself guilty and levied heavy fines.

At issue are irregularities in granting credit detected within the scope of the special audit made in 2014, on the central bank’s request.
Tomás Correia is currently the chairman of Montepio Geral Mutualist Association, the bank’s owner, and he was sentenced to pay a €1.25 million fine while Montepio bank was sentenced to pay €2.5 million.