The Luxembourg District Court sitting in commercial matters has declared bankrupt the group parent company ESPIRITO SANTO INTERNATIONAL S.A. (ESI) on 27 October 2014, following the Court's decision of 17 October 2014 that had rejected ESI's application for controlled management.

The Court has appointed Mr. Alain Rukavina, lawyer and Mr. Paul Laplume, chartered auditor, as bankruptcy estate receivers (curateurs), and Mrs. Karin Guillaume as supervisory judge (juge-commissaire).

The judgment shall be posted at the Court and published by extract in newspapers designated by the Court in such judgment. Opposition against the decision opening the bankruptcy of ESI can be lodged by any interested party during a period of 15 days after the publication.

As far as the company RIO FORTE INVESTMENTS S.A (RIO FORTE) is concerned, it was announced in the press earlier this week that RIO FORTE had filed an appeal against the similar decision of 17 October 2014 having rejected its own application for controlled management. The Court of Appeal shall therefore review the merits of such application and the report of the experts on RIO FORTE to either confirm or revise the decision of the District Court.

For further information, please contact Wildgen's dedicated Espirito Santo team.