The billion-dollar fall of the house of Espirito Santo

On June 9, with his 150-year-old Portuguese corporate dynasty close to collapse, patriarch Ricardo Espirito Santo Salgado made a desperate attempt to save it. Salgado signed two letters to Venezuela’s state oil company, which had bought $365 million in bonds from his family’s holding company. Th…

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The billion-dollar fall of the house of Espirito Santo

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