Swiss regulators investigate bank


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Swiss financial regulators announced this week that they are investigating Banque Privee Espirito Santo for its role in the alleged illicit banking affairs of one of the Espirito Santo family companies.

Banco Espirito Santo, one of Portugal’s largest banks, was previously shut down as part of a rescue plan to save its healthy assets. The family operation has various operations in various locations.

According to a New York Times report, Ricardo Espirito Santo Silva Salgado, the head of the family, was arrested in July “as part of a money-laundering and tax evasion investigation.”

The Swiss investigation is looking into whether the family unduly influenced operations of its Swiss-based bank.

According to Times reporter Chad Bray, “The Swiss inquiry underlines the difficulties in monitoring the dealings of a family that set up a corporate structure which allowed it to control its assets through a cascade of companies under different jurisdictions.”