Portuguese prosecutors have accused the previous head of esprito santo number of fraudulence and cash laundering within their research into the failure associated with countrys oldest banking dynasty.

Ricardo esprito santo salgado, who was chief executive of banco esprito santo (bes) between 1991 and 2014, is accused of 65 offences, based on a 4,100-page document from state prosecutors which was reported within the portuguese media on wednesday.

Lawyers for mr salgado said in declaration he had been notified of allegations, which, in line with the reports, feature money laundering, marketplace manipulation and corruption. the document falsified the history of banco esprito santo, mr salgados attorneys said, including the previous main had not dedicated any criminal activity.

Mr salgado is accused alongside 17 various other people, according to the reported document. on it, prosecutors claim your previous patriarch for the financial dynasty committed the offences so that you can shore within the familys tottering company empire in the wake of economic crisis.

In a declaration late on tuesday, the general public prosecutors workplace said the esprito santo examination involved significantly more than 240 individual inquiries across a number of nations responding to issues made by over 300 people and businesses.

Its examination had concluded that the price of the so-called crimes and problems linked to all of them totalled over 11.8bn, prosecutors said when you look at the statement that couldn't information the specific accusations.

Fearing the failure of bes, then portugals largest detailed loan provider, the central bank removed mr salgado as main in july 2014 and weeks later separated bes into a poor lender become wound down and a great bank, renamed novo banco to keep its core businesses.

Mr salgados lawyers stated inside their statement that former chief considered this quality to own been a colossal error that had triggered unquantifiable problems for portugal.

The political choice the resolution switched a bank with 140 years of history, 2m clients and a 20 % share of the market...into a guinea-pig for an original experiment in europe, mr salgados lawyers said.

The filing of a formal accusation starts the way in which for the case to attend trial, pending a judges decision. your final court decision, but is not likely is reached for a long time, in accordance with legal professionals.

The esprito santo case is one of a number of large-scale corruption investigations under way in portugal for which mr salgado is a suspect. these generally include a wide-ranging probe into suspected bribery and other crimes concerning jos scrates, the former prime minister, and alleged corruption at energias de portugal, the energy energy. mr salgado, mr scrates and edp deny any wrongdoing.

The main lender has prohibited mr salgado from working as a banker and fined him 3.7m for ruinous administration as well as other illicit functions.