Banco Espirito Santo Patriarch & Former CEO Arrested in PortugalMark Melin
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 exclusively for paying members. Access all of our content on including years of timeless investment news and in depth analysis for only a few dollars a month by signing up here while also supporting quality content and journalism, or learn more about our premium content here
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