Operation Red Card delivers new blow to former football boss

Luís Filipe Vieira, former Benfica boss now facing multiple charges in the Operation Red Card investigation (click here) appears to have suffered a new blow: the judge who set his €3 million bail is not accepting his proposed sureties.

Judge Carlos Alexandre doesn’t think they cover the amount stipulated, explain reports – which means Mr Vieira may not get his ‘freedom’.

According to Jornal de Notícias, the assets put up include shares in Benfica plus another €400,000 “which correspond  to a share in a building valued at €1.2 million”.

Contacted this afternoon, Mr Vieira’s lawyer Magalhães e Silva is quoted as saying he knows nothing about the bail proposal having been rejected.

As Tribuna Expresso online explains, it’s very difficult to gauge what Mr Vieira’s Benfica shares are worth as their valuation keeps fluctuating.

For example, as of today, the club (SAD Benfica) is worth more than €100 million. With the 753,615 shares that he owns, the value should easily cover the bail demand as they are worth “practically €3.3 million”. But on June 28, for example, the share price was lower which made his holding worth “only €1.8 million”.

The Public Ministry’s feeling is that today’s share price has been inflated by news of an interested American buyer, and is not sustainable.

So, for now at least, Mr Vieira remains under house arrest.

natasha.donn@algarveresident.com