The Court of Aveiro action, seen by Lusa News Agency, also involves two former employees of the aforementioned bank on the grounds that they oversaw the acquisition of €1.85 million in bonds in the name of Ramalhos in February 2014 but without due authorisation and only after a date stipulated by the Bank of Portugal suspending the sale of Rioforte bonds.
The lawsuit alleges the acquisition was made “illegitimately, illegally and in bad faith” and was only learned of months afterwards with the stock market regulatory authority and the central bank having failed to reply to demands that Novo Bank, the viable bank hived off from the collapsed entity, repay the amount.
The company justified the additional amount as compensation for the lost business opportunities resulting from the cancellation of expansion plans.
In turn, Novo Banco rejects any liability as the operation took place prior to its own founding with the two ex-employees maintaining the deal was fully backed by Ramalhos.