Crédit Agricole pursues billion-euro lawsuits against Salgado, Morais Pires and Rioforte
The French bank and its insurer Predica are suing the former CEO and CFO of BES and Rioforte for one billion euros, more than a decade after the group's collapse.
Billion-euro lawsuits against BES officials
Crédit Agricole and its insurer Predica have filed two lawsuits totalling one billion euros against Ricardo Salgado, Amílcar Morais Pires and Rioforte, according to Google News PT.
The French bank, a former shareholder of Banco Espírito Santo (BES), has taken legal action against the bank's former CEO and former CFO, as well as Rioforte — the company that held the non-financial arm of the Espírito Santo Group (GES).
The legal initiative comes more than a dozen years after the collapse of BES, which triggered one of the largest financial earthquakes in Portugal's recent history. The group's collapse led to public intervention and generated substantial losses for shareholders and creditors, including Crédit Agricole itself.
The lawsuits target Salgado and Morais Pires in their roles as top executives of the bank, and Rioforte as a central vehicle of the non-financial structure of GES. The claimed amount — one billion euros — underscores the scale of losses that the French bank attributes to decisions made before the group's collapse.
Source: Google News PT