On February 11, 2025, former Prime Minister of Portugal, Pedro Passos Coelho, testified in court regarding his involvement with the Grupo Espírito Santo (GES) and a suggestion he made to banker Ricardo Salgado in May 2014.

Coelho's testimony revealed that Salgado sought financial assistance from him just three months prior to the collapse of BES in August 2014.

Coelho criticized both himself and President Cavaco Silva for their inaction regarding BES, despite being aware of the looming issues, which he described as a failure of leadership.

He emphasized that the financial support and asset swaps proposed by BES's management were impractical, advocating for negotiations with creditors to avoid a disordered bankruptcy.

Coelho concluded that the problems at BES stemmed from mismanagement rather than a lack of intervention by the Bank of Portugal.

The resolution of BES involved a substantial financial injection and the creation of Novo Banco, while toxic assets remained with the original BES.

During a meeting with Salgado and other Banco Espírito Santo (BES) executives, Coelho was approached about state support for GES, which led him to propose a 'controlled bankruptcy' instead.

The ongoing trial includes 18 defendants, with Salgado facing around 60 charges, including organized crime and corruption, amidst claims of significant financial losses attributed to their actions.

Coelho's testimony was delayed from its original date due to a strike by court officials, marking the third time he was scheduled to provide his account in this case.

Just weeks before the collapse, Coelho had publicly assured the stability of BES, claiming it had adequate financial resources, a statement that contrasts sharply with the subsequent crisis.

The prosecution estimates that the actions of the defendants resulted in losses of approximately 11.8 billion euros to BES and GES between 2009 and 2014.

In a notable moment during the hearing, Coelho firmly stated he has no intention of running for the presidency when questioned by Judge Helena Susano.