Bankers fined millions ‘don’t pay’

Bankers fined millions ‘don’t pay’

Bankers fined millions of euros for malpractice or worse end up “escaping” without paying their penalties.

This is message in Jornal de Notícias today which highlights some of the ‘worst offenders’ in recent years, collectively fined nearly €17 million.

Ricardo Salgado, who only last month lost his apparent ‘final appeal’ against a fine of €3.7 million imposed by the Bank of Portugal, has still not paid any of this amount.

Oliveira e Costa, found guilty of fraud that helped bring down BPN, has a €1.4 million fine hanging over him, as well as a jail sentence, but remains free due to poor health and has paid “almost nothing” say reports.

Similar stories apply to Filipe Pinhal and Paulo Teixeira Pinto of BCP, João Rendeiro of BPP, José Manuel Espírito Santo and Morais Pires of BES, José Maria Ricciardi of BES International and Tomás Correia of Montepio, says JN.

In fact, Tomás Correia is at risk of a new fine of €1.5 million, but according to tabloid Correio da Manhã he is currently pushing for an increase to his pension which already runs to over €14,000 per month.

Running through all the amounts outstanding, reports dub Salgado the ‘champion of fines’, saying he owes a total of €5.8 million, while the Bank of Portugal is preparing a new accusation “which could double this amount”.

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