With the alacrity of Portuguese ‘justice’ forever baffling bystanders, the Bank of Portugal has handed out fines for bankers involved in the multi-billion collapse of BES two years ago before any court of law has even heard the accusations against them.
Former “boss-of-all-this” Ricardo Salgado – already on €3 million bail over suspicions of his involvement in all manner of financial corruption – has been fined the highest amount ever to be stipulated by Portugal’s central bank: €4 million.
He has also been prohibited from exercising any kind of banking role for the next 10 years.
Calling the news “a farse”, Salgado’s lawyer Proença Carvalho has already said that his client will be appealing through the courts.
The bank regulator’s decision comes before “the supposed setting of facts”, and was pre-defined anyway, complains Proença Carvalho, as BdP is “an interested party”.
Meantime, the likelihood of Salgado, or any other of his former directors, paying up is minute.
Morais Pires, Salgado’s so-called ‘right hand’, has been condemned to a fine of €600,000 for his part in what BdP catalogue as “illicit acts”, while cousin José Manuel Espírito Santo has been fined €525,000.
Another relative, José Maria Ricciardi, was also fined €600,000, reports TSF, but 75% of that figure has been suspended – with Ricciardi dodging the “most serious accusations” of accounts falsification.
Elsewhere, former executive director Joaquim Goes has been fined €100,000, while other former directors have been absolved of any responsibility in the private bank’s collapse.
According to Observador website, appeals against the BdP fines have to be lodged with the Santarém Court of Supervision, “within the next few days”.
The reason for Salgado receiving the highest penalty lies with the fact that the bank regulator considers him to be guilty of: wrongful acts of ruinous management; the wrongful non-implementation of IT communications systems and of an efficient, risk-solid management system; the furnishing of false information; the violation of rules pertaining to conflict of interest.
According to Observador, this was the first of five processes to be opened by BdP against former BES high command.
natasha.donn@algarveresident.com
Photo: MÁRIO CRUZ/LUSA
