Government seizes €12.6m from car auction

Around €12.6 million from the auction of 67 Mercedes-Benz classic collectors’ cars owned by Portuguese entrepreneur Ricardo Oliveira was seized by the Portuguese government, reported Correio da Manhã.

Oliveira, a defendant in two cases involving financially-troubled Portuguese bank BPN, was the target of a court order request by Parvalorem, the public company that manages the bank’s bad debt.

The criminal court (Tribunal Central de Instrução Criminal) accepted the injunction and decided to seize the income from the auction which was held in London.

According to the news report in Correio da Manhã, Oliveira owes Parvalorem approximately €32.3 million due to loans granted to the entrepreneur and entities under his management.

The report adds that the auction in which he sold the cars, many of which pre-date the Second World War, was allegedly an attempt to rid himself of the vehicles and therefore jeopardise the payment of his debt to Parvalorem.

Oliveira can now appeal against the decision and if he does, a trial will be held in England in which he can present his case. If not, then the money will be transferred to Portugal.