Novo Banco pension fund administrators have gone to court to reduce the €90,000-a-month pension paid to the disgraced banker, Ricardo Salgado and the other directors of the former Banco Espírito Santo.

The proposal is to reduce the monthly pay-outs to €11,500, roughly the level of a BES director’s ‘in work’ pay before the bank went spectacularly bust in 2014.

For Novo Banco’s pension fund managers, the monthly sums being shelled out to Ricardo Salgado and his failed directors must be cut “as soon as possible” and with this in mind, the administrators have filed a lawsuit in the Lisbon Judicial Court to cut the pensions and ionstead pay out an amount equivalent to former directors’ pay, as stipulated in the Commercial Companies Code.

The GNB Pension Funds Management Company has been paying out luxurious monthly sums to Ricardo Salgado, José Manuel Espírito Santo, António Souto, Jorge Martins, Rui Silveira, José Maria Ricciardi, João Freixa, Stanislas Ribes, Amílcar Morais Pires and Joaquim Goes.

News courtesey of http://algarvedailynews.com/news