NZ Super Fund files Portuguese legal proceedings in Oak Finance matter
POSTED ON: 14 April 2015
The New Zealand Superannuation Fund confirmed today that, as previously signalled, it has filed legal proceedings in the Portuguese courts against the Bank of Portugal.
These proceedings, which were filed this morning New Zealand time, challenge the validity of a Bank of Portugal decision which purported to ‘clarify’ that the Oak Finance loan had not been transferred from Banco Espirito Santo to Novo Banco, with retroactive effect.
These proceedings are in addition to the English debt recovery action launched in February against Novo Banco.
The Fund is working together with other Oak Finance investors in both actions.