File - In August 7, 2014 photo shows people walking past the BES (Espirito Santo Bank) headquarters in Lisbon. AFP PHOTO/ PATRICIA DE MELO MOREIRA
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Espirito Santo's problems have mounted since accounting irregularities were identified at one of its holdings earlier this year, leading to a 4.9 billion euro ($6.3 billion) bailout for Banco Espirito Santo, formerly Portugal's largest listed bank, and global court actions against the group.The liquidation of ESBD would be in the best interests of the DIFC and the bank's 31 creditors, opening the way for them to try to claim back outstanding debts owed to them by the bank, Steel said.The Dubai bank's future appeared increasingly bleak after Banque Privee Espirito Santo, a Swiss-domiciled bank also owned by Espirito Santo Financial Group and that owed money to ESBD, went into liquidation on Sept. 19 .
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