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.

ENDS

Editors: please note that further comments will be limited due to legal proceedings. Previous media statements and materials issued by the Fund are available here and here.

Media contacts:
Catherine Etheredge, Head of Communications, NZ Super Fund, cetheredge@nzsuperfund.co.nz, +64 274 777 501
Glen Cameron, European media contact, glen.cameron@sweeneyvesty.com, +44 7500 058 202