Portuguese police launched a large-scale operation today, conducting raids at the headquarters of Novo Banco and consulting firm KPMG amid suspicions of financial crimes related to the undervalued sale of assets from the defunct Banco Espírito Santo.
More than 100 inspectors from the Judiciary Police (PJ) were involved in approximately 30 searches. These operations targeted various locations, including law offices, in addition to the primary financial institutions.
The objective of these raids is to conclude long-standing inquiries being handled by the Central Department of Investigation and Criminal Action (DCIAP). Investigators suspect that valuable assets of the bank were sold below their true market values.
The investigation stems from events surrounding the collapse and subsequent restructuring of Banco Espírito Santo, which led to the creation of Novo Banco in 2014. The allegations focus on irregularities in asset disposals since that time.