Edition 1442
23 September 2017
Edition: 1442

Read this week's issue online exactly as it appears in print.

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Banks order attachment of Berardo art to pay off €500M debt

in News · 13-07-2017 13:48:00 · 0 Comments

Three of Portugal’s major banks have issued an attachment order for 75 percent of the Berardo Art Collection after Joe Berardo, owner of the massive collection on display at the Berardo Collection Museum in Lisbon, allegedly defaulted on repayments.

Banks order attachment of Berardo art to pay off  €500M debt

According to newspaper Público, at stake are €500 million in credit, loaned by banks BCP, Novo Banco, and Caixa Geral de Depósitos to the Madeira-born investor, which he reportedly used, among other things, to buy a seven percent share in BCP in 2007.
A large part of the investment, Público reports, was used to buy shares that served as collateral.
The newspaper says the financial institutions are trying to reach an agreement with Joe Berardo, in a bid to avoid proceedings reaching court, where they could drag on.
The trio have therefore instructed 75 percent of the Berardo Foundation Association, which, in turn, owns the art collection on show in the Belém Cultural Centre, be seized to repay the debt.
In 2007, the Berardo collection was evaluated by auction house Christie’s as being worth in the region of €316 million.

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Edition 1442
23 September 2017
Edition: 1442

Read this week's issue online exactly as it appears in print.

Twitter