Bank: BCP fined €5m for false information


With this decision, the bank will have to pay the fine as it can appeal no higher and the money will go towards an Investor Compensation System.

What's New — 22 February 2012 by Lusa News
Bank: BCP fined €5m for false information

Portuguese Bank Banco Comercial Português, or BCP, will have to pay a €5m fine to the Lisbon stock exchange regulator CMVM for false declarations after Lisbon’s Constitutional Court (CC) rejected the bank’s appeal.

The CC decision, dated 15 February, seen by news agency Lusa Wednesday, said the court “rejected” the appeal” lodged by BCP, “confirming an earlier decision by the Lisbon Court of Appeal”.

With this decision, the bank will have to pay the fine as it can appeal no higher and the money will go towards an Investor Compensation System.

The CMVM fined BCP in 2008 for six “intentional” crimes of providing false information to the market between 2004 and 2007 related with the use of over 30 off-shore companies in buying own shares.

Various bank directors are still in court appealing against their sentences regarding the same facts.

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