Portuguese Police Target KPMG, Novo Banco in Corruption Probe

Portuguese police on Wednesday carried out searches at the Lisbon offices of KPMG LLP as part of an investigation into corruption allegations involving Novo Banco SA.

The Public Prosecutor’s Office said more than 100 officers and IT specialists conducted dozens of raids across Lisbon in what they called “Operation Haircut,” an investigation into suspected corruption and money laundering linked to the sale of Novo Banco assets since 2018. The statement didn’t specify which locations were searched. Fourteen prosecutors and three judges are also involved in the operation.

KPMG confirmed that police were conducting a search at its Lisbon offices ...