Former BES boss loses final appeal against €3.7 million fine

Former BES boss loses final appeal against €3.7 million fine

Former BES bank boss Ricardo Salgado has reached the end of the appeal process against a fine imposed by the Bank of Portugal for ruinous management that led to the institution’s collapse.

Constitutional court judges said there is no foundation for an appeal. Thus, the man once hailed as ‘the boss of all this’ faces a €3.7 million pay-out and a ban from banking for the next decade.

The original fine, imposed in 2016, was for €4 million (click here) – but this was revised downwards two years later (click here).

The criminal prosecution of all those cited in the BES investigation has yet to reach a courtroom.

Ricardo Salgado has always protested his innocence (click here), vowed to restore his family’s good name (click here) and most recently went on the attack, blaming the Bank of Portugal for the banking debacle (click here).

Explain reports, this is the first of three administrative offence proceedings against Ricardo Salgado, now aged 75 – all of them connected to the falsification of accounts and allegedly fraudulent schemes that deceived hundreds of former BES clients.

natasha.donn@algarveresident.com