Bank of Portugal ‘unprecedented’ decision over BES split questioned in lawsuit
The New Zealand Superannuation Fund has an exposure of $150 million to the loan
The New Zealand Superannuation Fund has filed legal proceedings against the Bank of Portugal challenging what it calls an "unprecedented" decision of removing a loan from the ‘good bank' born out of the intervention in Banco Espírito Santo (BES).
The New Zealand sovereign wealth fund for state pension payments invested US$150 million in notes issued by Oak Finance Luxembourg in July, a vehicle the fund says was developed by Goldman Sachs, which extended a $835 million loan to BES the same day.
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