Portuguese authorities conduct raids at Banco Espirito Santo
Xinhua, June 18, 2015 Adjust font size:
Portuguese authorities are conducting raids in several parts of the country on Wednesday to confiscate assets belonging to people linked to the Banco Espirito Santo (BES) corruption scandal, the public prosecutor's office told local media.
The process, carried out by the Portuguese Central Bureau of Investigation and Prosecution, includes five searches to confiscate assets such as homes, offices, boats, cars, money and jewelry.
Regulators are still attempting to untangle irregularities at the family-controlled bank, which collapsed last year amid accusations of embezzlement, fiscal fraud and money laundering.
The bank was bailed out in a 4.9-billion-euro (5.5 billion U.S. dollars) bailout package and split into a new bank called "Novo Banco" and a bad bank which holds the banks exposures.
BES CEO Ricardo Espirito Santo resigned in June last year and denied being aware of any irregularities.
BES was the country's largest private bank, with the family-run business dating back to the 19th century. Endit