Sales to Berardo Foundation blocked

 In Foundations, News

The Portuguese government has declared the José Berardo Foundation “wound up” and has given it 10 working days to hand over all documents and inventories.

The “extinction” of the foundation controlled by Madeiran art impresario and businessman Joe Berardo was published in the Republic circular Diário da República which declared the termination of the foundation set up in 1988.
Signed on 11 July, the government gave 10 working days for the administration of the foundation to hand over all books and accounts to the General-Secretary of the President of the Council of Ministers, including the accounts regarding the tax year 2021 and the quarterly accounts for this year which were reported for the period between 1 January up until the date the foundation was declared wound up from 11 July.
Moreover, the foundation’s administration has been banned from “exercising any acts that involve the sale or liquidation of any goods, shares, stock, or bonds (either financial or company), as well as taking on any fresh functions or responsibilities”.
“Any other act must have the prior permission from the competent authority to provide authorisation”.
The José Berardo Foundation has a €983 million debt. Most of the debts are down to bank loans, some of which were used to buy shares in Millennium bcp, loans which were never paid off.