Tag Archive for: money laundering

‘Basically same place, same art, different name’

Lisbon’s Centro Cultural de Belém (CCB) – the city’s main cultural centre – is to open a new museum of Modern and Contemporary Art, the MAC-CCB, in the space previously occupied by the Berardo Collection Museum.

Besides a different name, visitors won’t be noticing any change. ‘It will be possible to visit the art collection amassed by the Madeiran art impresario Joe Berardo just as it has always been’, according to Portugal’s minister of culture, Pedro Adão Silva.

The Portuguese state stepped in to safeguard access to Berardo’s vast art collection after three banks filed a lawsuit to recover debts from the businessman. The enormous collection – including works by Miró, Mondrian, and Francis Bacon – was valued in 2006 at 320 million but is worth more than twice now.

The story began in 2016 when the judicial police (PJ) started investigating an economic group financing operations with State bank CGD in 2006-2009 to a value of around 439 million euros. Berardo’s involvement in this group has been a focus for the media and the government ever since.

In 2021 he was arrested on suspicion of a multimillion fraud against State bank CGD, tax fraud and money laundering and is currently on the largest bail ever in the country (5 million). According to the PJ the group of which Berardo was a part, did not repay the loans to CGD and ‘resorted to mechanisms of renegotiation and debt-restructuring in order to avoid ever having to pay back the money’.

To date, the group has caused almost a billion euros in damages to three banks: CGD, Novo Banco, and Millennium (BCP). The impresario used the art collection as security for all three loans when in fact he doesn’t even own it.

Last year the Government started a process of the extinction of the Berardo Foundation, in better days reverted to its work in promoting arts until it became horribly clear that its patron, the 78-year-old Joe Berardo – once hailed as one of the richest men in the country and holding high honours –  was not running the foundation correctly.

In 1985 he was given the Order of the Infante by then-president Ramalho Eanes and in 2004 received the Grand Cross of the same order from president Jorge Sampaio. In the meantime, Manuela Ferreira Leite, former finance minister and president of the Council of National Orders, is working on the honours to be removed.

It is the first time the government has taken such a drastic step – i.e. extinguishing a private foundation – as the trust promoted activities outside its legal scope and used the funds for the benefit of the tycoons’ family.

MAC-CCB won’t just include the Berardo Collection but also the Elipse Collection, compiled by the corrupt BPP banker João Rendeiro, who fled the country and died last year in a South African jail.  


Enjoy the new year         Approveite o ano novo          (pics Publico/Sapo)















There is a lot of discussion about mass tourism and golden permits but in Portugal, one is inclined to say: ‘don’t kill a chicken with golden eggs.’ After reviewing the tourism industry, we will now take a look at another precious egg of the Portuguese state: the golden visa program.

Twenty EU states have golden visa or similar programs.
To obtain such a golden permit in Portugal one has to invest at least half a million euros in property in exchange for permanent residency and visa-free travel through Europe’s Schengen area.

In the past six years – between October 2012 and January 2019 – over 7000 golden visas have been issued by the Portuguese authorities. In particular to Chinese (> 4000), followed by Brazilians, South Africans, Turks and Russians. It yielded the treasury the sweet amount of 4.3 billion euros.

Just like luxury goods, residence rights are for sale. A multibillion-euro industry but not without risks. Real estate has always and everywhere been attractive to money laundering, corruption and tax evasion.
Transparency International – the global civil society organisation leading the fight against corruption – recently accused the Portuguese government of being unable to control their golden visa program.

A special commission of the European Parliament suggested abolishing all golden permits as the potential economic benefits of these programmes do not compensate for the serious security risks. Unfortunately not all member states agree. A European database will instead be created, to verify if applicants for a golden permit at least have no criminal record.

The Portuguese government is going to maintain its golden visa program against the wish of the EU but is willing to make legislative changes to improve transparency. ‘Contrary to what happens in other countries, Portugal will continue assigning only residency – not citizenship – in exchange for investment, declared the Secretary of State for International Relations Eurico Brilhante Dias lately.

The majority in the Portuguese Parliament even wants to go a step further in the residency scheme for wealthy foreigners by introducing ‘green visas to investors, who spend at least half a million euros in ecotourism, renewable energy and other environmental projects that contribute to cut carbon emissions.
Much to the displeasure of the Left Bloc (BE), who wishes the program to end altogether and emphasises the hypocrisy between an immigration regime for the rich and the poor.

Bom fim de semana        Have a great weekend                (pic Publico/Sapo)