Securities market regulator issues alert over FNBC invest which is demanding €10Bn from Novobanco

Portugal’s stock market commission, CMVM has issued a warning against FNBC – also known as Seven Bank – which is not qualified to carry out any activities as a financial intermediary in Portugal.

This same entity has been accused by Novobanco of trying to illegally take €10Bn from the bank.

“The entity referred is not legally qualified to undertake publicity or prospect for clients for the signing of contracts as a financial intermediary”, warns the regulator led by Luís Laginha de Sousa.

The same alert about FNBC Invest, which is based in Barcelos, was also issued by the Bank of Portugal.

FNBC Invest is demanding compensation of €10Bn from Novobanco because it alleges that the bank of having retained €5Bn from an alleged transfer from Deutsche Bank.

The company, run by Carlos Manuel Carvalho, told a court that this money had cone from a partial payment regarding a contract with the real estate company Immobilien Partner GMBH to the value of €10Bn related to the sale of German sovereign bonds.

The bank had already presented its defence in June says that it is the victim of fraud and says the entire case from FNBC Invest is based on falsified documents and facts and the authorities were alerted in December 2022.

Among the documents that are said to be false is a supposed proof of transfer from Deutsche Bank to Novobanco.

Novobanco has also added the it will adopt measures that it considers necessary to protect its interests.

The Attorney-General of the Republic has launched an inquiry “into the matter” which is under judicial secrecy.

Founded in 2020 in Vila Franca de Xira, FNBC Invest has company capital of €20 million and moved premises to Barcelos in 2023.

Source: ECO