Former BES boss loses final appeal against €3.7 million fine

New fine for former BES boss Ricardo Salgado

Securities regulator CMVM has fined disgraced BES banker Ricardo Salgado €2 million. Says Expresso today: “at issue is the falsification of accounts and furnishing of erroneous information to investors in the sale of the (banking) group’s commercial paper between 2013-2014. In total the fines applied by CMVM to five other former BES directors reach €4.4 million”. The problem is these fines may only be ‘symbolic’ in that the BES trial which still has to attribute the guilt of all those facing charges has still not even begun. The trial emerging from the wreckage of the Marquês investigation however has, with judges dispensing with the need for Mr Salgado to appear in court to face charges of three crimes of abuse of confidence. His defence has described the 77-year-old as “feeling difficulties and lapses of memory” these days, with a degree of emotional, physical and psychological exhaustion. He is also apparently “hard of hearing”, has a pacemaker and has had “surgical interventions” for the insertion of a stent.