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Banco Espirito Santo Patriarch & Former CEO Arrested in Portugal

The problems at Banco Espirito Santo SA (ELI:BES) may be deeper than originally thought with the detention of Ricardo Espirto Santo Salgado, the bank’s patriarch and former CEO, by authorities in Portugal Thursday.

Banco Espirito Santo was being held for money-laundering and tax evasion probe
Salgado was being held for questioning as part of a three-year money-laundering and tax evasion probe conducted in conjunction with a wider investigation of the relationship between Swiss wealth managers and Portuguese customers, the Sign up here

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