News Column

Banking Former head of Banco Espirito Santo detained

July 25, 2014

Prosecutors investigating a suspected tax fraud and money-laundering conspiracy have detained the former head of Portugal's largest bank.

The office of the Portuguese attorney general said yesterday that Ricardo Salgado (pictured), who stood down this month as chief executive of the troubled Banco Espirito Santo, would appear before an investigating magistrate. It gave no further details.

Salgado is a prominent member of the wealthy and influential Espirito Santo family, which has run a Portuguese banking dynasty since the 19th century. He led Banco Espirito Santo, which stands at the centre of the family's tourism and health care business empire, for more than 20 years.

Salgado left the job at the bank after accounting irregularities emerged at an important Espirito Santo holding company and amid accusations of lack of transparency.

AP Lisbon

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Source: Guardian (UK)

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