Former banker Ricardo Salgado will go on trial for two counts of tax fraud in the BES scandal case. This is another big development in the Banco Espírito Santo case. The Central Department of Investigation and Criminal Action (DCIAP) confirmed the accusations. The Central Criminal Investigation Court has fully accepted the charges against him. Prosecutors say Salgado and his cousin Manuel Espírito Santo cheated the Portuguese State out of 5.5 million euros.
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Ricardo Salgado BES Scandal Case
The charges come from an investigation into the collapse of BES and the Espírito Santo Group (GES). Prosecutors say the fraud was done through the “saco azul” (blue bag) scheme. This was a hidden fund used for secret payments.
Authorities say Salgado and his cousin got payments that were never reported. The case began in 2020 and led to an official charge in January 2024. The prosecution claims that these payments were made through companies outside Portugal. This allowed them to avoid paying taxes.
The Public Prosecutor’s Office worked with the Judicial Police and the Large Taxpayers Unit. They found that the Espírito Santo Group used complex structures to hide money.
BES And The “Saco Azul” Scheme
The “saco azul” was a secret fund inside the Espírito Santo Group. It was used for illegal payments. Prosecutors believe it was used to pay influential people, hide taxes and alter financial records.
Salgado has been accused of using the “saco azul” before. Investigations show that BES executives used these funds to benefit themselves. The new charges suggest that financial fraud was a common practice at BES.
Ricardo Salgado was once one of Portugal most powerful bankers. He has faced many legal battles after BES collapsed in 2014. He was sentenced to six years in prison in 2022 for breach of trust and money laundering.
BES collapsing caused a financial crisis. The government had to step in to protect depositors. The collapse exposed a network of offshore accounts, hidden funds and fraud.
The confirmation of charges means Salgado and Manuel Espírito Santo will go on trial. If found guilty then they could face prison time and heavy fines. The trial is expected to reveal more details about the fraud.
Experts say this case is important for financial crimes in Portugal. It shows that even powerful people can be held accountable.
This trial is about justice for many in Portugal. Many BES clients lost their savings when the bank collapsed. They want those responsible to be punished.
Effects On Portugal’s Financial Sector
The BES case has changed Portugal’s financial system. The government made new rules to prevent similar events after the collapse. The Bank of Portugal and European regulators now have stricter controls on banks and offshore accounts.
The government also created funds to deal with financial crises. This helps protect taxpayers from bank failures. However, critics say these measures came too late. Thousands of people lost money because of BES.
Public Reaction And Politics
Many people in Portugal are still angry about BES. Some believe justice has been too slow. Others question whether rich and powerful people are treated fairly in court.
Opposition parties are demanding more transparency in financial crimes. They want faster trials for big cases. Some politicians blame past governments for weak regulations that allowed BES to fail.
Some see this trial as a step forward. They hope a conviction will send a message. They want business leaders to know they cannot escape justice.
Ricardo Salgado’s tax fraud trial is another part of the BES scandal. The case shows the deep corruption that led to the bank’s failure. Many investors lost their life savings.
People in Portugal will watch this trial closely. They want to see justice done. If Salgado is convicted then it could bring change. It may also lead to stronger financial rules in Portugal.
This trial shows one thing no matter the outcome. Even the most powerful figures must follow the law.
