The former finance director of collapsed lender Banco Espírito Santo SA has initiated legal action against the Bank of Portugal and auditing firm KPMG, accusing them of imposing inflated losses on the bank before its collapse, Reuters reported.

Amilcar Morais Pires is seeking for them to pay the state €4.3 billion, according to the newswire.

The Portuguese central bank rescued BES in 2014, creating Novo Banco SA to take over the good assets of the failed lender.

Morais Pires is under investigation himself in connection with the resolution, although he has not been formally charged with wrongdoing.