Loan Is Up To Date

The daughter of Angolan former president and business manager Isabel dos Santos said on Saturday she had “all payments in line” on the 125 million euro loan taken from CGD in 2009. The position, through its official account on the Twitter platform, comes after the newspaper Correio da Manhã (newspaper Correio da Manhã) makes headlines with a loan of 125 million euros granted by Caixa Geral de Depósitos to Isabel dos Santos.

Through her account, the Angolan businesswoman states that, of the original financing of 125 million euros, “60% [is] amortized and all payments up to date”.

The news of the Portuguese newspaper said that the loan in question was granted for the acquisition of shares of the operator Zon (current NOS) and that the operation had “a conditional opinion of the Directorate General of Risk (DGR).” Additional note: The CGD loan was used to buy shares of CGD itself .

On Twitter, Isabel dos Santos points out that “currently, the value of NOS shares that serve as collateral has a market value about 10 times higher than the net value of the financing.”

Citing a report from Banco de Portugal in 2011 on CGD’s stock purchase credits, Correio da Manhã states that in this case it was a financing granted by the public bank to Kento Holding Limited, a company of the Fidequity Group , held by Isabel dos Santos.

The same newspaper said that said report indicates that the loan was granted for a seven-year term, with a three-year capital shortage, and interest payment at the six-month Euribor rate, plus a spread of 2%.

In order to repay the loan, the newspaper said, citing the report, “the guarantees consist of the financial pledge of the shares acquired, in a term deposit (in the initial amount of 14,425 million euros), remunerated under market conditions, and Eng Isabel dos Santos, embodied in a book signed by Kento and endorsed by her own “.

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