A cousin of the former BES boss, Ricardo Salgado, has gone bust after a Luxembourg creditor called in its loan.
Sintra Commercial Court has ruled that António Ricardo Espírito Santo Bustorff is totally insolvent, with debts exceeding €14 million owed to seven creditors, among them the Tax Office, Novo Banco, SLF Holding and Haitong-Bank, formerly BES Investments.
Bustorff's insolvency was requested by SLF Holding in Luxembourg, his largest creditor.
The Luxembourg company demanded the return of more than €8.9 million relating to Araucária - Sociedade de Fomento Agro- Florestal.
Bustorff already has requested exemption from the remaining liabilities in the lawsuit, seeking to obtain relief from his debts. If the court grants him his application and he can’t pay off his debts within five years, he could walk free from paying the balance.
The second largest creditor is Novo Banco, the former Banco Espírito Santo, which, rather conveniently, used to be run by his cousin and where Burstoff ran up credit of €4.58 million.
António Bustorff, who used to work for Grupo Espírito Santo Group, owes the Treasury €92,000.
The former Culture Minister, Maria João Bustorff, also appears as one of her brother's creditors, but her loan was not recognised by the court.
