Eurofin Group

August 15, 2014 11:20 ET

The Espirito Santo Bank Matter in Portugal: Eurofin Group Categorically Refutes the Allegations of the Wall Street Journal

LAUSANNE, SWITZERLAND--(Marketwired - Aug. 15, 2014) - Over the course of the previous weeks Eurofin received numerous questions from the Wall Street Journal and from other media regarding its role in the events surrounding the collapse of the Espirito Santo Group (GES) and Banco Espirito Santo (BES). In the interests of transparency, Eurofin answered these questions to the best of its knowledge at that time.

The company's objective in providing initial responses was to present the facts known to Eurofin at this stage and to explain that its role with its clients GES and BES was limited in scope to the provision of services. The Eurofin Group is currently in the process of trying to understand why and how its services where used by these clients.

Contact with the Portuguese authorities may take place in due time in order to bring a full understanding of what really happened.

However, in light of the severe misrepresentations made by the Wall Street Journal in its articles of August 12, 2014, Eurofin would like to make the following statement:

Eurofin denies and categorically refutes the allegations that:

  1. the company "played a key and central role in financing the failed Espirito Santo conglomerate" and that it "played an important role in buttressing Espirito Santo's finances"

  2. the company "helped package large sum of debts from various Espirito Santo Companies"

  3. "serving Espirito Santo was always Eurofin's main mission".

In this respect, and in addition, Eurofin notes a significant number of factual errors in the articles of the Wall Street Journal and in the replicas published in the international press thereafter. Contrary to what was reported, none of the subsidiaries of the Eurofin Group has placed or promoted investment products to GES or BES clients. Eurofin has never designed products for retail customers.

Taking this into account, Eurofin will continue to concentrate its efforts on servicing its various clients while, at the same time, performing its own analysis of what happened.

As always, Eurofin stays at the disposal of any competent public authorities.

About the Eurofin Group

Eurofin Holding SA is a company based in Switzerland and owned solely by private shareholders. Founded in 1999 in Lausanne, the Eurofin Group is fully autonomous and independent of the Espirito Santo Group (GES) and the Banco Espirito Santo (BES). The Eurofin Group has subsidiaries in Switzerland and in London which mainly provide financial services to private and institutional clients. The Group employs about 80 persons.

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