MIL OSI – NZ Super Fund Files Portuguese Legal Proceedings in Oak Finance Matter

Auckland, New Zealand: The New Zealand Superannuation Fund confirmed today that, as previously signalled, it has filed legal proceedings in the Portuguese courts against the Bank of Portugal.

These proceedings, which were filed this morning New Zealand time, 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.

These proceedings are in addition to the English debt recovery action launched in February against Novo Banco.

The Fund is working together with other Oak Finance investors in both actions.

Please note that further comments will be limited due to legal proceedings. Detailed information about the issue is available at

Selwyn Manning, BCS (Hons.) MCS (Hons.) is an investigative political journalist with 23 years media experience. He specializes in reportage and analysis of socioeconomics, politics, foreign affairs, and security/intelligence issues. Selwyn has extensive experience as a commentator and has provided live political analysis to a wide range of television and radio organizations broadcasting in New Zealand, Australia and globally including the BBC (Five Live, London) and BBC (World Service). He is currently a correspondent to Australia's FiveAA radio, and is a regular live-on-air panelist on Radio New Zealand's The Panel with broadcaster Jim Mora.