A work group set up to resolve the question of people who were duped into investing in Grupo Espírito Santo (GES) company commercial paper sold by Banco Espírito Santo (BES) branches and who lost life savings with the collapse of the group, has ensured that most employees will not be held liable.

Not all employees will get this free “get out of jail card”, as some BES board directors are not included.

The contract to ensure the BES victims get something back includes escape clauses for most of those who were to blame for the financial nightmare many small investors were put through. The investors who want to see some of their savings back are being forced to sign waivers not to sue those who were supposed to have been protecting them, such as the Bank of Portugal, the Portuguese Stock Exchange Commission (CMVM), the Bank resolution fund, the Portuguese state, the hypothetically ‘good bank’ called Novo Banco that rose from the ashes of failed BAS and even its new buyer.

Last week it was announced that 97% of the clients who had invested €434 million in the BES scam had agreed to cut their losses and take a solution that allowed them to get some of the money they had invested over decades back.

The sorry investors are to get 75% of their capital back, up to a maximum of €250,000, if they had invested under half a million euros.

Those who had invested more will only get 50% back, wich isd why many of the larger investors are highly critical of the criminal activity and ‘get out of jail’ cards the government wants to distribute.