Ricardo Salgado, the former president of Banco Espírito Santo (BES), is the primary defendant in a landmark trial facing 62 charges, including corruption, fraud, and money laundering.

This case, part of the Universo Espírito Santo proceedings, involves 18 defendants and more than 300 crimes, marking it as one of the largest legal processes in Portuguese history.

The trial begins over a decade after the collapse of the Espírito Santo Group (GES) in August 2014, which had significant repercussions for the financial landscape in Portugal.

The fall of BES has cost the Portuguese government approximately €8 billion in public funds, primarily due to capital injections into Novo Banco and subsequent recapitalizations.

Numerous parliamentary inquiries have scrutinized the role of the Bank of Portugal and the Socialist Party in the sale of Novo Banco to Lone Star.

The trial underscores the need for ongoing reflection to prevent similar financial crises in the future.

Concerns have been raised about potential bias in the proceedings, as the presiding judge, Helena Susano, is herself a victim of BES.

Despite concerns regarding Salgado's mental health, Judge Helena Susano ruled that the criminal proceedings must continue, emphasizing the importance of accountability.

The judge highlighted the necessity of holding Salgado accountable for his actions, citing the need for social pacification and public interest.

Public sentiment largely views Salgado as guilty, with many victims of the bank's practices present outside the court to express their grievances.

Protests from victims were evident at the trial, with banners demanding provisions for those affected by the collapse of BES.

While some partial recovery solutions for commercial paper victims have been implemented, many clients remain without adequate compensation or have rejected the offers.