There is 800 million euros to compensate the José Berardo Foundation that was “stripped” to cover debts contracted with banks, and another 100 million euros for moral damages, as a result of “the public distortion of Berardo’s image as a businessman and as a person, a deliberate aggression against his personality and all his works of economic and cultural scope.” enormous social and consequent untold suffering and profound depression, with the consequent significant deterioration in the process of physical and mental aging.” In total, the leader is seeking 900 million euros in compensation in the lawsuit just filed in the Lisbon District Court against BCP, CGD, BES and Novo Banco (NB).
In the lawsuit registered in Citius, to which DN had access, Joe Berardo claimed that he had been deceived by financial institutions, i.e. “about the circumstances relating to the internal situation of the banks – especially the BCP – and the Portuguese financial system, in which the institution contracts loans in order to take possession of the possession Eligible in BCP”. He blames them for the actions they pledged as security for the loss of the value of the loans without the banks fulfilling their “duty to perform them in a timely manner”.
Given that he no longer had any outstanding debt, “because the mortgaged BCP shares had already been sold and the proceeds of the sale were applied to repaying bank credits,” Berardo claims he was the victim of “real sabotage of reality, manipulated by the banks, in the service of the disclaimer and in connivance with The state, in the service of the wrongful claim to seize the Berardo group. ”
In the case he presents to the court, he intends to indicate that he does not want to “transfer cases of great sensitivity to the courts for the banks and the Bank of Portugal itself”, so he agreed to continue negotiations with Finance. Institutions to try to find common ground. “In these negotiations, which continued even after the banks implemented foreclosures, a principle of agreement was reached, which was expressed in a document issued by Novo Banco which essentially merited the unanimity of the leader and the banks, and should form the basis of the agreement to be formalized ‘, he says.
According to the lawsuit, this agreement did not materialize because the businessman became a “drop target” after being heard by the Parliamentary Commission of Inquiry (CPI), which, he said, despite the request granted for its implementation behind closed doors, received assistance and was widely disseminated widely recognized by the media. “An unacceptable act of disloyalty by the CPI chief.”
“popular rule”
From this CPI, Berardo now claims that “a popular judgment has been made, without relevance to ascertaining the responsibilities of the CGD management and the reasons for the recapitalization”. By discrediting him, he led the public to believe that he was responsible for the losses recorded by the banks, he said. He refused, stressing that he had already paid “more than 230 million to the banks” and intended “to complete the negotiations to pay all that is actually owed.”
“Joe Berardo’s appearances are completely distorted and turned into disrespect for those who did not really deserve due to the behavior taken towards him any respect,” he understands, noting that this was done “in the service of upbringing. Atonement for a goat,” with the aim of turning public opinion into “a businessman who does not condemn.” Something to Portugal and to whom Portugal owes so much to a mere capitalist who has the power to evade bank loans, with direct consequences in the pockets of the taxpayers who pay the bank’s deficits and losses.”
The CPI, says Berardo, made him a scapegoat and changed, in public opinion, “a businessman who owes nothing to Portugal and whom Portugal owes so much to a mere capitalist with the ability to avoid repayment of loans”.
To justify the current claim for compensation to these institutions, Joe Berardo, in the lawsuit, summarizes episodes culminating in the debts attributed to him, blaming the banks themselves for causing the situation.
“With the credit facilities extended to him by the banks (BCP and BES) in a period of great liquidity, through Foundation and Metalgest (MTG), he bought shares, specifically in BCP, in […] Because of the income prospects and added value that can support business, cultural and social activities”, describes the leader, emphasizing that all decisions were made with the information available to him, current in the market, who believe in the health and strength of the Portuguese financial system. When BCP “encouraged” him to buy a qualified holding, He reported that he did not share in the risks: “He did not report the weaknesses of BCP, such as the real scarcity of stocks and reckless management operations carried out with large losses, making it unable to withstand a financial crisis and a potential market crisis. He adds that for the purchase of the shares he was offered ‘financing from BCP and CGD, the latter raised by BCP, secured by a share purchase undertaking’.
Now, the leader now considers that the lack of information about the “real conditions” of BCP, CGD and BES led him to make an investment in error, accusing the banks of making him do it by knowing, forming a “scamming” attitude. According to the indictment, Joe Berardo, Corporation and MTG’s business-based error was necessary for decisions to contract financing to purchase BCP shares, as well as commitment to successive restructurings of the financing by way of maturities and formal reinforcement of guarantees, “when non-compliance with the minimum coverage ratios occurred.” due to the decline in the value of the shares of the People’s Bank of China in 2008.”
Then in a “framework of deception”, “because of fraud on the part of banks in a relevant part”, there was a condition for the execution of financing contracts on their specified terms, without assuming the banking institutions “the entrepreneur defends their share of the risk of devaluation of the shares pledged to BCP”. What does violating the rules of good faith mean?
When he learned of the “mistake” – which he says only occurred in 2015 – “the sale of the pledged shares and other assets, such as the stake in Sogrape, had already been completed, with the product in question previously absorbed with a total value of €231 million”.
So he asks the banks to compensate him for the damage he suffered, and sets the amount based on the difference between the price at which the shares could have been sold on the dates of non-compliance with the coverage ratios and the price they actually were. Sold out, plus interest and other loan fees from those dates.
The state is in ‘complicity’ with ‘proper’ art
During the intervening proceedings, the leader recalls in detail his life, the distinctions he received and 20 years of charitable activities followed by the Foundation, highlighting the art collections available to the public in its museums (Coleção Berardo, Aliança Underground, Sintra Museu de Modern Art, Monte Palace Madeira, BAM, Court Museum, B-MAD and Bacalhua Palace). He accuses those responsible for Caixa and BCP of deliberately distorting his image in order to “distract the responsibility of its legal representatives”. He also says that there will be a “more complete plan”, to be coordinated between the banks and the ministries of culture, justice and finance, “collusion” with the aim of “sticking” to his art.
“The government itself, with the greatest impudence and certainly in agreement with the banks, considers that the Berardo Group, which has been taken over, is in the hands of the banks, with which it is trying to design privatization,” the statement read. . the operation. It is stated that this art “was given to the state on loan and the state did not want to buy it at fair value.” For him, this makes the intent clear: “The crime is more serious and felt because the then-Minister would surely justify the measures to be taken (which she kept secret) to achieve the aims of ensuring integrity,—permitting and fruition of public business, and placing first priority on removing Joe Berardo— These are the same goals that have been emphasized to the state through existing agreements with the leader.
“Persecution”, he understands, is an accusation leveled at the banks, where he says that they, “by his performance”, have managed to create an image of him as “a person who has caused more than a billion damage to the Portuguese financial system and is chiefly responsible for all the costs incurred by the Portuguese with their excesses.” .
Andrea Hargraves is a contributor to Brytfmonline.com, covering a broad range of topics including news, politics, business, technology, sports, entertainment, and lifestyle. She is committed to delivering clear, accurate, and reader-focused reporting that helps audiences stay informed about current events and emerging developments. Andrea’s work emphasizes useful information, balanced coverage, and stories that matter to everyday readers, making complex topics accessible and relevant to a wide audience.