The 300 Million Euro Confidentiality Clause in the Salgado-Queiroz Pereira Agreement Revealed

A Controversial Agreement

In 2013, a significant agreement was signed between Pedro Queiroz Pereira, owner of Semapa, and Ricardo Salgado to end their ongoing litigation. Queiroz Pereira stated, "I was not in this to play police. I was involved because he, even without money, was seducing my partners to take control of my group."

The Conflict

The conflict between these two businessmen was primarily to prevent the Espírito Santo Group (GES) from gaining control over Queiroz Pereira's business empire. This feud led to allegations being made to the Bank of Portugal, which GES sought to halt.

Pressure and Deal

In a 2015 inquiry relating to the BES case, Queiroz Pereira admitted to exerting pressure on Salgado to remove him from influence. He confirmed that an agreement was reached where he purchased all disputed positions, in exchange for stopping his reports to the Bank of Portugal.

Confidentiality Penalty

The agreement included a hefty confidentiality clause with a penalty of 300 million euros for any breach. This detail emerged during the recent trial, shedding light on the serious implications of their arrangement.

Aftermath

Queiroz Pereira's involvement in this conflict ultimately led to Salgado's downfall, as he exposed significant financial issues within GES before his death in 2018.