The French group Crédit Agricole filed two lawsuits at the Lisbon District Court, in July, which together exceed one billion euros. The proceedings target Ricardo Salgado, Amílcar Morais Pires and Rioforte, the non-financial arm of the Espírito Santo Group. The French bank claimed 855 million euros, while the insurer Predica, also part of the Crédit Agricole group, is demanding 152.8 million euros. None of the parties commented on the proceedings.
Crédit Agricole was one of the main allies of the Espírito Santo family in recovering control of BES in the early 1990s, after the bank's nationalization in 1975. The French group became the second largest shareholder of the bank, with more than 20%, through the holding company Bespar, which was jointly controlled by both parties and held more than 35% of BES.
In 2014, the French group held 20.1% of BES between direct and indirect participations, including 16.7% through Bespar and a direct stake of 10.8%. Months before the bank's fall, both parties dissolved Bespar, with each party now holding autonomous positions. With the capital increase of 1,045 million euros in June 2014, in which the French group invested only 10 million, their stake was diluted to less than 15%.
On August 4, 2014, Banco de Portugal proceeded with a resolution measure for BES, causing shareholders, including Crédit Agricole, to lose everything. The French bank is now the latest creditor to bring actions against former BES executives, more than a decade after the bank's collapse.
