Finance Minister of Sao Tome and Principe criticizes seizure of Central Bank account in Portugal

The Portuguese Ministry of Foreign Affairs announced that it has conveyed a statement of disapproval and serious concern to Chinese authorities regarding the sentence handed down to Portuguese citizen Ao Kam San. This statement was made following today's verdict.

Portuguese diplomatic circles informed Lusa that the Ministry of Foreign Affairs carried out this procedure and transmitted its position to Chinese authorities, expressing disapproval and deep alarm over the sentence given to Portuguese citizen Ao Kam San, who was sentenced to 12 years and six months in prison.

The court of first instance (TJB) found Ao Kam San guilty of crimes against state security and violation of state secrets. This verdict is the first under the case initiated according to the State Security Law since the establishment of the Macau Special Administrative Region (MSAR).

It is unknown whether any parties will appeal the decision, although in similar cases in the neighboring territory of Hong Kong, appeals have led to harsher penalties.

The joint Portuguese-Chinese declaration of 1987, signed between Beijing and Lisbon, stipulates the preservation of the social system and fundamental freedoms, such as freedom of expression, assembly, and association in Macau for 50 years after the transfer of sovereignty in 1999.

Ao Kam San's international lawyer, Michael Pollack, insisted that Portugal should demand that Macau allow the former deputy and Portuguese citizen to leave the territory.

Ao appears to be a defense attorney appointed by the territory's State Security Commission, whose identity is unknown, and who has not made statements since the verdict.

Unlike the trial itself, which lasted only three days behind closed doors to avoid 'damaging state security interests,' the verdict was announced today in an open session. The grounds for the charges were not publicly disclosed.

According to an official source, only four media outlets attended the TJB session, none of which Lusa could cover.

According to the court's report, the panel of judges concluded that Ao Kam San had cooperated for several years with foreign organizations, helping to collect, prepare, and disseminate materials that the court deemed aimed at inciting hostility against the Central People's Government of China and challenging the country's constitutional order.

In September 2025, during a visit to Macau, Portuguese Prime Minister Luís Montenegro admitted that he had not discussed the arrest of Ao Kam San with the Macau government chief, Sam Ho Fai, stating that the case required 'necessary caution' and 'a certain restraint.'

Montenegro and Sam Ho Fai met again last April in Lisbon, but nothing was publicly said about the arrest of the Portuguese citizen in the semi-autonomous Chinese territory. China does not recognize dual citizenship.

The Central Bank of Paraguay today took control of a bank that was previously associated with the country's president, Santiago Pena. This decision immediately resulted in millions of depositors losing direct access to their funds.

Ueno Bank, which faced insolvency, was transferred under the supervision of the Central Bank with the aim of 'protecting depositors and the stability of the financial system,' according to an official statement from the central bank.

Santiago Pena, who has been president since 2023, owned shares in the managing company (holding) of this banking institution until 2025.

Ueno Bank is one of the most popular banks in the country due to its digital strategy. The state Social Security Institute (IPS) invested $380 million in it, and it also holds deposits for 32 thousand pensioners.

The decision was announced following requests from experts and members of parliament regarding the status of this organization, which also holds funds of state institutions such as the National Electricity Administration (Ande) and the Itaipu binational dam.

In its statement, the central bank reported that it unanimously decided to initiate the 'Ueno Bank resolution procedure' because it was established that its solvency ratio had fallen below the minimum required 50%.

This procedure involves appointing inspectors from the Banking Superintendency and activating the mechanisms of the Deposit Guarantee Fund (FGD), which covers up to 75 minimum wages [228.3 million guaraníes ($38,622)] 'for a natural or legal person and for a financial institution,' as detailed in the official announcement.