The former head of a collapsed Portuguese bank has been placed under house arrest.<br /><br /> Ricardo Selgado, head of Banco Espirito Santo (BES) for more than 20 years, is being investigated over allegations of forgery, breach of trust, tax evasion and money laundering. <br /><br /> Selgado was questioned by a state prosecutor on Monday and then appeared in front of a magistrate for 12 hours on Friday.<br /><br /> His lawyer, Francisco Proença de Carvalho, said: “We think it’s a disproportionate measure – and that’s also the opinion of others linked to this process – and so with all due respect for the rule of law and for the rules we will appeal.”<br /><br /> The bank was once one of Portugal’s largest lenders but last year it announced record losses, threatening to damage the country’s economic recovery.
