Property in Funchal worth tens of millions seized
The lawsuit filed by the bank Caixa Geral de Depósitos against the Madeiran businessman Joe Berardo had already allowed the seizure of two apartments in Lisbon and now comes to a property in Funchal worth tens of millions of euros.
Following the foreclosure of two apartments in Lisbon, the case initiated by Caixa Geral de Depósitos against Joe Berardo has a new development, the website ECO established from court sources. The Central Civil Court of the Funchal Court ruled this week, as a precautionary measure, the seizure of Monte Palace Tropical Garden, a property donated by the Madeiran businessman to his own Berardo Foundation in 1988 and which is also his residence. The 70,000 square metre property is thought to be worth several tens of millions of euros.
Caixa Geral de Depósitos, BCP and Novo Banco, who are believed to be owed 962 million euros, had already made progress a few weeks ago in a joint lawsuit against Joe Berardo after negotiations over a total debt of around €1 billion collapsed. And at the end of June, TV station SIC revealed that the court had seized two apartments in Lisbon belonging to Joe Berardo, worth about four million euros. The more valuable of the two is a T5 where Berardo stays when he is in Lisbon. The court procedure followed a little-used legal path in establishing that the eventual beneficiary owner of the apartments was really the businessman.