With former CGD director Armando Vara due to hear the results of his appeal for the trafficking of influences in one high-profile corruption case due later this week, national tabloid Correio da Manhã is running with new revelations on his alleged business dealings while on the State bank’s board.
The bank that ploughed millions into Algarve resort Vale do Lobo, also bought into deals at nearby Quinta do Lago – apparently purchasing offshore companies that owned development land on the resort for €112 million,
CM reports that “according to the Public Ministry”, of this money €5.6 million has disappeared.
The CGD loans were conceded to Quinta do Lago – Empreendimentos Imobiliários in May 2007, explains the paper, when Armando Vara was in charge of business development in the north and south, and Carlos Santos Ferreira was the bank’s president.
CM says the money went on buying “the entity that controlled the offshore owners of the land” and was destined for the construction of The Keys – a swanky waterside development that has yet to see completion.
Three ‘owning companies’ were involved: Birchview, Bridgedow and Chapelmoor – the first of which is now seeking special PER funding subsidies to pay back CGD €277 million, CM continues.
As for the ‘missing €5.6 million, this comes in a Public Ministry accusation harking back to the BPN case and involving other offshore companies, one of which was called Darna International Holdings.
According to CM, two deposits were made into Darna – one of which was €96.8 million, the other €5.6 million.
“The financial circuit” of the first payment has been identified, says the paper, but the whereabouts of the €5.6 million hasn’t.
It’s unclear why CM is bringing all this out now, though Vara’s appeal decision is possibly one of the reasons, all well as the closing in of the Marquês investigation for alleged mass corruption involving multiple parties, including Vara.
The Resident has been in touch with Quinta do Lago where a spokesperson said she would be giving us some commentary shortly.