Although collectively in agreement, each overseas BES depositor ripped off by Ricardo Salgado’s last-ditch attempt to save Grupo Espírito Santo, is to mount an individual court action.
Hundreds of overseas customers that ended up with their savings invested in risky commercial paper instead of BES deposits will go to court to demand the annulment of the investment and for their money back.
According to Luís Marques who heads the overseas action group, there was a meeting on Tuesday between hundreds of BES customers living outside of Portugal who consider themselves to have been tricked by BES, and in the end there was a unanimous decision to bring individual cases to court, citing the Bank of Portugal and if necessary individual BES branch manager as the responsible parties.
Marques, the lawyer representing 420 overseas BES customers, said that his clients will go to court to recover all the money and in the event of a partial solution being accepted by his clients, each will continue with court proceedings until they recover the entire amount that was switched from bank deposits into commercial paper and then vanished.
"Those affected will not accept any loss. Therefore, if there is partial settlement of their claims – whether by Fosun or by any other entity – we will require the remaining compensation from the Portuguese state."
