Portuguese Millennium BCP bank in turmoil over account probes

0 Comments | AFP, December, 2007

LISBON (AFP) — The leading private bank in Portugal, Millennium BCP, is in boardroom turmoil amid probes of its accounts by crime investigators, the central bank and stock market authorities.

Millennium BCP said in a statement on Sunday that on Friday it had received the preliminary findings of an investigation by the CMVM stock market authority noting the existence of several off-shore companies which Millennium BCP could have used to buy its own shares when it increased its capital in 2000 and 2001.

The bank said that it had not been informed of this investigation and did not know on what basis the CMVM had reached its conclusions, and also insisted that it had not concealed any information from its shareholders.

The biggest shareholders in the bank met at...