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80 investors under investigation for BES insider trading

80 investors under investigation for BES insider trading

LISBON: The chairman of the Portuguese Stock Market Regulator (CMVM), Carlos Tavares stated, that the preliminary investigations have been opened into “about 80 investors who made expressive sales” of Banco Espirito Santo (BES) shares before it collapsed.

Tavares said the investigations had to do with institutional investors, mainly foreign and private investors who were mainly Portuguese, people connected to BES and offshore companies. “The analysis also includes Espírito Santo Financial Group (ESFG) shares, where other preliminary investigation processes has been opened”, he said. What is in question is whether there was access to insider information and if this is what caused massive sales of BES and ESFG shares.