| The New Zealand Superannuation Fund appears to have made a rare misstep with its investment in Portugal’s Banco Espirito Santo, which led to a $150 million write-down and left the fund embroiled in two separate court cases. But are angry stakeholders treating the fund too harshly?
It was supposed to be a low-risk investment. On July 3, 2014, the New Zealand Superannuation Fund teamed up with New York-based Goldman Sachs Group and a number of asset management firms to provide a $784 million loan to Lisbon-based Banco Espirito Santo (BES), then Portugal’s largest listed bank, in a complex arrangement involving a vehicle named Oak Finance Luxembourg. Shortly thereafter, things began to go wrong...............................................Full Article: Source
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