Article Post on 03 October 2014

ESPIRITO SANTO FINANCIAL GROUP S.A. (ESFG) – ESPIRITO SANTO FINANCIERE S.A. (ESFIL): CONTROLLED MANAGEMENT REJECTED BY THE COURT

Today, the Luxembourg District Court sitting in commercial matters has rejected the applications of ESFG and ESFIL to be placed under controlled management.

Thus, the Court considered that ESFG and ESFIL did not meet the conditions for a controlled management order, on the basis of the report on the financial situation of the applicant’s business prepared by the designated judge,  assisted by two experts.

The two judgments of today may be subject to an appeal either by the applicant or its creditors within a period of 8 days. In the absence of any appeal at the expiry of such period, the court decisions rejecting the controlled management would be enforceable and – depending on the assessment of the financial situation made by the court in such decisions (which we have not been able to review in full yet) - it cannot be excluded that the court would be called again to decide on a possible bankruptcy of ESFG and ESFIL.

Wildgen’s dedicated Espirito Santo team is closely investigating the situation and further developments will be posted on our website (www.wildgen.lu) as soon as available.

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