Friday, January 04, 2008

BCP Directors unfit?

Once again the genius who runs the Bank of Portugal (BoP) leaves us amazed. After many, many years of supervising BCP, he reaches the conclusion that no former Board Directors (Administradores) of BCP may run for office in the new administration! However, no details are released of formal action being taken against any of them, for breach of statutory duty, negligence, fraud, tax evasion....

Hang on a minute. If the BoP has such sweeping powers to disqualify directors, what took it so long? If not, as appears obvious, where is due process?

Once again, he had descended from his ivory tower, issued inane statements and retreated, leaving everyone to wonder what is really going on. How did the BoP inspection teams fail to analyse the loan write-offs to related parties? What does the BoP really do, other than pay fat salaries to its staff? I said he should go two years ago. How much longer must we wait?

No comments: