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main companies filed for court protection from creditors. Salgado, who was detained and questioned on
Thursday, has been made a formal suspect in a money-laundering investigation. The epitome of Portuguese banking’s fondness for sober suits and wood-panelled boardrooms, Salgado has maintained his traditional gravitas through months of intense crisis for the family group. His serious image matches the power and influence that many believe Portugal’s best-known banker has wielded for 15 years or more. The media has dubbed him “DDT”, the initials for “Dono Disto Tudo”, or “Owner of All This”, a nickname said to have originated in the EspĂrito Santo family itself. Salgado was born in 1944 into what was already a wealthy banking dynasty, one of a handful of powerful families that AntĂłnio de Oliveira Salazar, the rightwing dictator, allowed to dominate the Portuguese economy. The EspĂrito Santos mingled with the Rockefellers and befriended the Duke and Duchess of Windsor. But the family's social origins were more humble, some suggesting that their name – which translates as Holy Ghost – originates from a surname traditionally given to babies left at churches by destitute mothers.
265:
Switzerland. By 1991, he had established himself as the head of the family, leading its return to
Portugal and the reacquisition of its bank through a reprivatisation programme. Although wealthy, Salgado is not known for an ostentatious lifestyle, telling a Portuguese newspaper in May 2014 that “my life begins at 8.30 am in the bank and ends at 10 pm in the bank”. He has made a number of high-profile business enemies during his 22 years at the helm of BES, particularly through feuding between the five strands of the EspĂrito Santo family over leadership successions. But the financial and legal woes now engulfing the group have generated bitter rifts that continue to surface.
20:
125:(1982-1991). In 1991, after the reprivatisation, he became Executive Chairman of the Banco EspĂrito Santo (BES) and started on a journey that, among many other aspects, led to an increase in market share from 8% to 20% and to its internationalization (BES was present in 23 countries, on 4 continents, at a time).
290:
On 7 March 2022, Ricardo
Salgado was sentenced to 6 years imprisonment following proven corruption charges (Operation Marquis case). Both Salgado and the Public Prosecutors appealed the decision to the Lisbon Court of Appeal, which in 24 May 2023 decided to increase his prison sentence to 8 years.
260:
Financial Times, 25 July 2014: "For the first time in its history, Banco EspĂrito Santo, one of
Portugal’s largest banks, has been placed under independent management with no connection to the banking dynasty that gives the lender its name. The family business empire is in turmoil after its three
209:
in which
Salgado, was later released on bail of €3m after being questioned by an investigating magistrate at Lisbon's central court of criminal investigation. The Prosecutor stated to the media that, “after the court hearing the accused was subject to coercive measures to deposit the amount of €3
264:
As a 30-year-old junior director, Salgado escaped being imprisoned with several senior family members, who were held for months after the 1974 coup that overthrew the dictatorship. In 1975, the banking sector was nationalised and the EspĂrito Santos dispersed abroad, Salgado living in Brazil and
197:
In May 2014, the Bank of
Portugal issued a scathing audit which questioned the financial stability and transparency of BES. In the wake of this report, and subsequent downgrades of the bank's credit, Ricardo Salgado announced his resignation from the post of CEO.
251:
that distinguishes best practices in the business sector. In July 2013, Ricardo EspĂrito Santo Silva
Salgado was awarded a doctorate honoris causa by the Universidade TĂ©cnica de Lisboa for his services to the economy, culture, science and to the university.
182:. BES international business grew to such an extent that it represented half of the bank's profits. In 2012 the bank led by Ricardo Salgado was the only one of the three largest private Portuguese banks (BES, BCP and BPI) to raise capital using only the
116:
where, in 1972, he headed up the
Economic Studies Bureau and subsequently the Credit Board, where he remained until 1975, when the bank was nationalised. From abroad he participated in reconstructing the EspĂrito Santo Group, first from
52:
Salgado was detained on 24 July 2014 in an investigation into suspected tax evasion and money laundering. He was later released on bail of €3m after being questioned by a magistrate at Lisbon's central court of criminal investigation.
235:, by the President of the Federal Republic of Brazil, in 2005, Chevalier de la Légion D´Honneur, French Republic and more recently, in 2012, he was decorated with the Commander's Cross Order of Merit of the Republic of
217:
for the Bank of
Portugal concluded that the administration of BES led by Ricardo Salgado "disobeyed the Bank of Portugal 21 times, between December 2013 and July 2014", practising "wilful acts of ruinous management".
361:
606:
210:
million, is not allowed to leave the national territory and is prohibited from contacting certain people. Under discussion is the possible practice of fraud, breach of trust, forgery and money laundering."
226:
He was voted
Economist of the Year in 1992 by the Portuguese Association of Economists and voted Personality of the Year by the Portuguese Chamber of Commerce of Brazil in 2001. In 1994 he was decorated,
190:, without recourse to taxpayers' money. In January 2013 BES was the only Portuguese bank to manage the operation that marks the return of Portugal to the markets, since the country has been subject to the
637:
463:
686:
716:
572:
534:
353:
804:
799:
814:
163:, Member of the Board of Directors of Banque PrivĂ©e EspĂrito Santo SA – Lausanne and Member of the Board of Directors of Banque EspĂrito Santo et de la VĂ©nĂ©tie –
779:
645:
614:
331:
441:
401:
160:
471:
504:
789:
694:
809:
724:
292:
580:
156:
89:
538:
272:
newspaper, Salgado was the third most powerful person in the Portuguese economy in 2013; in 2014 he was in the 48th position.
244:
746:
486:
668:
794:
784:
553:
66:
640:[Ricardo Salgado, President of EspĂrito Santo Financial Group, is the 48th most powerful in the economy].
70:
339:
669:"Ricardo Salgado condenado a seis anos de cadeia por três crimes de abuso de confiança. Defesa vai recorrer"
133:
42:
45:, which was founded by his grandfather, he was, until July 2014, the banker active for the longest time in
774:
144:
409:
609:[Ricardo Salgado, President of Banco EspĂrito Santo, is the 3rd most powerful in the economy].
269:
769:
171:
593:
Agora, o que posso dizer é que a minha vida começa às 8h30 no banco e acaba às 10 da noite no banco
512:
638:"Ricardo Salgado, Presidente do EspĂrito Santo Financial Group Ă© o 48.Âş mais poderoso da economia"
378:
356:[José Maria Ricciardi is the cousin of Ricardo Salgado and the main succession candidate BES,
152:
423:
281:
719:[Supreme Court accepts appeal from Ricardo Salgado and will assess prison sentence].
206:
136:(NYSE), as a non-executive member of the Board until 2011. He was non-executive Director of
93:
354:"José Maria Ricciardi é primo de Ricardo Salgado e o principal candidato à sucessão no BES"
191:
148:
97:
689:[Court of Appeal increases Ricardo Salgado's sentence to eight years in prison].
607:"Ricardo Salgado, Presidente do Banco EspĂrito Santo Ă© o 3.Âş mais poderoso da economia"
137:
19:
763:
575:[Salgado refuses to resign and holds the entire GES management responsible].
78:
187:
183:
466:[Barclays, Deutsche Bank, BES e Morgan Stanley to build the return to markets,
81:, where he studied at a public elementary school and later at Liceu Pedro Nunes.
268:
Salgado's influence rapidly waned. According to annual rankings drawn up by the
202:
201:
Ricardo Salgado was detained on 24 July 2014 in an investigation into suspected
122:
85:
34:
132:
NV (Amsterdam) and in 2006 he took part in the merger of Euronext with the
248:
214:
129:
46:
31:
717:"Supremo aceita recurso de Ricardo Salgado e vai avaliar pena de prisĂŁo"
236:
155:
of the Banco EspĂrito Santo, chairman of the Board of Directors of the
62:
175:
118:
74:
38:
605:
Gago, Maria; Sobral, Fernando; Guerreiro, Pedro (4 September 2013).
88:
from the Higher Institute of Economic and Financial Sciences of the
687:"Relação aumenta pena de Ricardo Salgado para oito anos de prisão"
554:"Banco Espirito Santo's Ricardo Salgado faces an uncertain future"
464:"Barclays, Deutsche Bank, BES e Morgan montam regresso ao mercado"
179:
164:
18:
573:"Salgado recusa demitir-se e responsabiliza toda a gestĂŁo do GES"
470:
newspaper] (in Portuguese). 21 January 2013. Archived from
487:"Suspension of a Portuguese Bank's Shares Shakes the Markets"
379:"Banco EspĂrito Santo's former head Ricardo Salgado detained"
636:
Babo, Maria; Gago, Maria; Garrido, Helena (23 July 2014).
128:
In 2002, he was appointed to the supervisory board of the
747:"Ricardo Salgado condenado a seis anos de prisĂŁo efetiva"
159:, SA – Luxembourg, chairman of the Board of Directors of
287:
Ricardo Salgado is accused in the White Mountain case.
233:
Grande Oficial da Ordem Nacional do Cruzeiro do Sul
396:
394:
392:
360:Portuguese News TV Channel] (in Portuguese).
723:(in Portuguese). 4 November 2023. Archived from
444:[How does BES avoided taxpayers' money]
442:"Como o BES evitou o dinheiro dos contribuintes"
535:"Investor Relations and Governance Awards 2012"
507:[Confirmed ruinous management in BES].
73:, Salgado spent the first years of his life in
511:(in Portuguese). 30 April 2015. Archived from
326:
324:
322:
320:
318:
316:
314:
298:On the 6th of June 2024, Ricardo Salgado was
8:
693:(in Portuguese). 24 May 2023. Archived from
102:Officer Training Course of the Naval Reserve
334:[Biographical note of Ricardo Salgado,
143:He was a Member of the Senior Board of the
16:Portuguese economist and banker (born 1944)
114:Banco EspĂrito Santo e Comercial de Lisboa
537:(in Portuguese). Deloitte. Archived from
247:in 2012, an initiative of the consultant
241:Lifetime achievement in Financial Markets
245:Investor Relations and Governance Awards
310:
229:Chevalier de L’Ordre National du Mérite
805:21st-century Portuguese businesspeople
800:20th-century Portuguese businesspeople
170:Ricardo Salgado was the mentor of BES
815:Technical University of Lisbon alumni
338:] (in Portuguese). Archived from
300:sentenced to 6 years effective prison
174:, focusing on the strategic triangle
7:
373:
371:
332:"Nota Biográfica de Ricardo Salgado"
291:After this, Salgado appealed to the
161:Banco EspĂrito Santo de Investimento
71:Ricardo EspĂrito Santo Silva Ribeiro
28:Ricardo EspĂrito Santo Silva Salgado
485:Thomas, Landon Jr. (10 July 2014).
780:20th-century Portuguese economists
505:"Confirmada gestĂŁo ruinosa no BES"
280:Ricardo Salgado is accused in the
14:
239:. He was honored in the category
571:Guerreiro, Pedro (25 May 2014).
452:(in Portuguese). pp. 24–34.
364:from the original on 2013-12-03.
644:(in Portuguese). Archived from
613:(in Portuguese). Archived from
579:(in Portuguese). Archived from
426:[The Portuguese Rich].
408:(in Portuguese). Archived from
67:JosĂ© Maria EspĂrito Santo Silva
157:EspĂrito Santo Financial Group
151:of the board of directors and
90:Universidade TĂ©cnica de Lisboa
1:
667:Sónia Simões (7 March 2022).
790:21st-century Portuguese Jews
552:Wise, Peter (25 July 2014).
404:[The usual banker].
231:, French Republic, in 1998,
140:(Brazil) from 2003 to 2012.
61:Ricardo Salgado was born in
810:Portuguese chief executives
121:(1976-1982) and later from
112:Ricardo Salgado joined the
831:
30:(born June 25, 1944) is a
69:and maternal grandson of
402:"O Banqueiro do costume"
293:Supreme Court of Justice
256:Money-laundering charges
65:. The great-grandson of
134:New York Stock Exchange
23:Ricardo Salgado in 2009
424:"Os ricos portugueses"
41:. Former president of
24:
213:In 2015, an audit by
22:
412:on 17 November 2013.
336:BES Official Website
172:internationalization
145:EspĂrito Santo Group
92:(1969), and did his
43:Banco EspĂrito Santo
795:People from Cascais
727:on 12 November 2023
541:on 3 December 2013.
474:on 25 January 2013.
84:He has a degree in
785:Portuguese bankers
751:Diário de Noticias
691:Jornal de NotĂcias
648:on 17 January 2024
642:Jornal de NegĂłcios
617:on 17 January 2024
611:Jornal de NegĂłcios
583:on 17 January 2024
515:on 17 January 2024
491:The New York Times
276:Corruption charges
270:Jornal de NegĂłcios
153:Executive Chairman
25:
342:on April 3, 2014.
282:Operation Marquis
194:'s intervention.
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468:Diário Económico
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430:(in Portuguese).
428:Correio da ManhĂŁ
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406:Diário Económico
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207:money laundering
94:military service
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385:. 25 July 2014.
383:Financial Times
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192:European troika
149:Deputy Chairman
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98:Portuguese Navy
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697:on 30 May 2023
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450:Exame Magazine
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138:Banco Bradesco
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77:. He lived in
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37:and convicted
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184:shareholders
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770:1944 births
203:tax evasion
123:Switzerland
764:Categories
731:17 January
721:Observador
701:17 January
673:Observador
652:17 January
621:17 January
587:17 January
519:17 January
509:Jornal SOL
306:References
32:Portuguese
100:, on the
86:economics
57:Education
35:economist
577:Expresso
362:Archived
249:Deloitte
215:Deloitte
130:Euronext
47:Portugal
237:Hungary
96:in the
63:Cascais
284:case.
222:Awards
176:Africa
119:Brazil
108:Career
75:Lisbon
39:banker
446:(PDF)
180:Spain
165:Paris
733:2024
703:2024
654:2024
623:2024
589:2024
521:2024
205:and
186:and
79:Lapa
243:in
766::
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