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BES former director claims €43,950-a-month pension

novobancoshinylogoRicardo Salgado's right hand man at Banco Espírito Santo was awarded more than €1 million when he left the bank in early August 2014.

Amílcar Morais Pires received the massive cheque in compensation for loss of office and the perks of his job that included a chauffeur-driven luxury car and private security.

Pires also saw his pension reduced by Novo Banco’s Pension Fund managers.

Morais Pires was entitled to receive a gross pension of €43,950 per month, reduced in 2017 to a mere pauper’s income of €11,500, which led Morais Pires to challenge the fund managers’ decision.

A claim was lodged in court, despite the bank collapsing after years of mismanagement, as Pires sought to have his pension rights reinstated.

In November 2017, Morais Pires was one of the former administrators accused by the BES liquidation commission of being partly responsible for the collapse of the bank.

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Comments  

+1 #1 Jeff Brown 2019-03-19 14:37
Ed: Not that we are greatly bothered as we pulled all our money out of Portugal some years ago but - Meaning what ... that this is being challenged and is not yet decided or has already been thrown out of court?

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