Conned BES depositors to receive compensation – except the overseas ones

Legislation to reimburse BES customers who were ripped off in the ‘commercial paper’ scandal, initiated by banking boss Ricardo Salgado, was passed by a parliamentary committee on Friday, July 14th, and next week goes to parliament for a full vote.

The proposal is to create a credit recovery fund to compensate the 2,000 customers who lost €400 million between them when they were duped into switching their safe deposit accounts into risky investments in Grupo Espírito Santo companies such as Espírito Santo Financial and Rioforte.

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