Super Fund files proceedings

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.

Tuesday, April 14th 2015, 12:33PM

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 with other Oak Finance investors in both actions.

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