The patriarch of the Portuguese banking family "Espiritu Santo" Ricardo Salgado was sentenced to 6 years and 3 months in prison for bribing former Economy Minister Manuel Pinho, who was sentenced to 10 years in prison.
Salgado headed the century-and-a-half-old bank "Espiritu Santo" until its bankruptcy in 2014. Then it was divided into a bad and a good bank, and the latter was saved with 4 billion euros by the state.
The conviction is for a series of acts well before that.
Piño was convicted of accepting money from Salgado to serve his interests in the agricultural and tourism sectors. Nearly 5 million euros were found in an offshore account in the name of Pinho and his wife in Panama, which was proven to have been accumulated with regular monthly payments between 2007 and 2012.