A T5 with more than 400 square meters, on Avenida Infante Santo. Businessman is one of the biggest debtors of Caixa Geral de Depósitos, which saw the Court give authorization to foreclose on this house and another, which belongs to his daughter. Two properties valued at four million euros.
Joe Berardo is at risk of being evicted from the luxurious apartment where he lives in Lisbon. The businessman is one of the biggest debtors of Caixa Geral de Depósitos (CGD) and the public bank has now seen the Court grant authorization to foreclose on Berardo’s house and another, which belongs to his daughter. The two properties are valued at around four million euros.
It has more than 400 square meters, a T5 at the top of a building on Avenida Infante Santo. Berardo bought it in 1999 and in 2008 it was sold to Atram, a real estate company that had Berardo as president of the board of directors.
The deal was made at a time when the global financial crisis was beginning to escalate and with loans worth one billion euros to the banks, between Caixa, BCP and Novo Banco, showing alarm signals.
Atram also got a 280 square meter T4 in Lapa, where his daughter lives. The two properties, valued at around four million euros, are now in the sights of .
On December 26 of last year, the Civil Court of Lisbon gave the green light for the State bank to directly execute this asset of the real estate company Atram, that is, both Berardo and his daughter could be evicted and Caixa could proceed with the execution and sale of the two apartments.
To prevent this from happening, the businessman will have to pay R$50 million.
This is one of the processes that puts CGD on one side and Berardo on the other. In this case, the bank used a mechanism provided for by law – piercing the corporate veil – targeting Atram. It was the strategy found to reach the businessman’s assets through this company.
