Ex-Banco Espirito Santo boss Ricardo Salgado arrested on charges of money laundering and tax evasion

 
Billy Ehrenberg
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Ricardo Salgado ran the bank for 23 years before resigning (Source: Getty)

The ex-boss of troubled Portuguese bank Banco Espirito Santo has been arrested on charges of money laundering and tax evasion.

70-year-old Ricardo Salgado ran the bank for 23 years before resigning after accounting irregularities were discovered at the bank's parent company.

The bank was family-run until the irregularities surfaced, but as confidence in the bank plummeted three family members were replaced.

Mr. Salgado had voluntarily acted as a witness in the investigation before he was arrested.

Banco Espirito Santo has been struggling recently and has seen its share price halve since April as a crisis gripped Portuguese banking.

The prosecutors office has indicated that there are several investigations centred on Espirito.

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