NZSF Files Portuguese Legal Proceedings Regarding Oak Finance Investment

The New Zealand Superannuation Fund (NZSF) announced it has filed legal proceedings in Portuguese courts against the Bank of Portugal – the country’s central bank. The sovereign fund is trying to recover US$ 150 million.

According to a press release, the proceedings “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.”

In addition, the NZSF had issued proceedings with regard to the English debt recovery action launched in February against Novo Banco. Oak Finance investors are being represented in London by Akin Gump LLP and Quinn Emanuel Urquhart & Sullivan, LLP.

NZSF is working with other Oak Finance investors in both legal actions. Other investors in Oak Finance include Avenue Capital Group, Elliott Management Corporation, Silver Point Capital, the family office of Lakshmi Mittal and others.

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