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Crédit Agricole moves forward with one billion euro legal actions against Salgado, Morais Pires and Rioforte
Business
Инвестиции

Crédit Agricole moves forward with one billion euro legal actions against Salgado, Morais Pires and Rioforte

SAPO2 September 2026 at 21:03

Crédit Agricole and the insurer Predica moved forward with legal actions in Portugal against Ricardo Salgado, former president of Banco Espírito Santo, Amílcar Morais Pires, former financial administrator of the institution, and Rioforte, a company of the Espírito Santo Group. The actions have a combined value of one billion euros.

The actions were filed in Portuguese courts and aim to hold the defendants accountable for the damages caused to the French banking group. Rioforte, the holding company of the Espírito Santo Group, is one of the main targets of these actions.

This legal démarche is part of the broader context of the collapse of the Espírito Santo Group, which occurred in 2014 and caused a severe crisis in the Portuguese financial sector. The former president of BES, Ricardo Salgado, was already facing multiple legal proceedings related to this case.

Crédit Agricole, through its subsidiary in Portugal, and Predica intend to recover the invested funds and the losses resulting from the downfall of the group led by Salgado, in a process that promises to be lengthy and complex.

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