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BCP, CGD and Novo Banco will take joint action against Joe Berardo to try to liquidate part of the 980 million euros owed to them by the entrepreneur, reveals this Monday the Correio da Manhã (CM). This is an unprecedented process in the country.
The initiative of three of Portugal's largest banks comes after the failure of a credit liquidation agreement in January.
The proposal submitted by the three financial institutions included a "considerable" debt forgiveness and was centered on the Berardo Foundation and the collection of works of art of Madeira 's businessman. By the end of 2017, the foundation had a financial hole of 517 million euros. The Berardo collection is composed of 861 works that, according to an independent evaluation conducted in 2007, represent "only" 316 million euros.
Faced with Berardo's refusal, the banks have decided to go ahead, said Eduardo Paz Ferreira, former chairman of the CGD's budget council, quoted by the CM in a strategy of ". Kamikaze operation ".
The legal strategy to be followed by the banks will be to prove that Berardo is the last beneficiary of the companies "who are in their field".
In an opinion from the risk management department of CGD, it is stated that only one garage in Funchal has been identified as "a direct heritage of the contractor".
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