Joe's Hearing in Five Moments and a "Persecution" from Parliament – Observer



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He says he has no assets in his name or personal debts – only his business is a debtor. And he assured me that "bcp is my biggest disaster." Joe Berardo at his best at the parliamentary hearing.

In one of the most prominent commissionings of the commission of inquiry into the recapitalization of the Kaixa Jalal de Marcos, there are doubts as to which strategy would follow the man who publicly displays his fortune, but who owes hundreds of millions of people. Euros to Kaiksa Gerald de Depositos – buy shares from BKP, bank to whom must also. Is he an amorphous bird, who wants to talk? Or a bearable Berardo who "comes to break the dishes"? The least that can be said is that the manager did not disappoint expectations.

This is not the committee's longest-running management and recapitalization committee, but it was undoubtedly the most intense and lively up to now. Joe Berardo has already answered five-hour questions that left some statements that almost led the deputies to despair, by laughter and excitement.

Some statements were provocative: Berardo said practically that Caixa was just losing money with his credits because he wanted to; But also assumed that he doubled the rules to prevent banks from being able to stop the work of art from the Berardo collection. More: He said he had no debt – Kaixa's credits were given to him, which gave his name and company to Metallgest, not personally – or to mention that his "had nothing". Neither the property nor the wines of Bacalhôa, nor the works of art of the Berardo Collection. It is all attached or on behalf of other entities.

It all started with a request from Joe Berardo that the hearing was not broadcast on the Parliament channel. In the name of the right to the image. It was denied and the deputies would remind the commander that he did not care so much about the issue when he invited Presenter Manuel Lewis Goesha to visit one of his policies and display his fortune. A singular starter that is just a closed for an audition that has some high moments and some contradictions.

Berardo was optimistic about saying that he had a good memory – but in many cases I urgently needed the classic "I don't remember", even when asked about many millions of business or people who opened the door to them. At the same moment he warned that he was a dyslexic, a disease in which one of the major symptoms is the difficulty in correct pronouncing words. Berardo also has many words, the deputies did not like to hear.

First questions and first move away from guilty. If the Kaiksa lost money, he did not trigger the clauses in his credit agreement. That is, ask the box. The Kixix Guild of Deposits did not want to carry out the BCP shares that Berardo gave in guarantee of two loans – € 50 million plus a line of up to € 350 million – when its value began to fall. According to the commander, the bank may have sold the shares soon and avoided the losses that came, but nobody guessed that the bank's prices went down so much.

"They said this was very difficult, they asked not to activate the dot," Berardo said. If the shares were sold in value, I had my own money to "settle with him." "Everyone lives with his or her responsibility. Must talk to the people who authorized the things. Do you think I own the bank?" Kaixa is from all the Portuguese, who have already invested billions of euros for their recapitalization (spent, to a large extent, by the unraveled credits, such as Berardo's, over the years). In other words, Kaixa is a taxpayer cost of "mass pipeline". "Not me," said Berardo.

Over the hearing, Berardo also wanted to let the idea that his investments in BCP (buy shares with € 350 million paralyzed by Kaixa) were no longer an attempt to help the Portuguese bank, which called it "at a time of crisis". A "help" now he does not have to give: "BCP was the biggest disaster of my life."

"It was a rape to me, I could have bought more pictures if I didn't go into this box business," he said. For Caixa it is not better to accumulate losses with devalued BCP shares and that the public bank cannot sell: it was about the stability of the financial system in time of crisis and if the money dumped the shares of BCP when the quotations were Already in case the effect may be worse.

The loans granted to Joe Berardo to purchase shares from BKP – an investment that the commander now attributes to a willingness to help those banks – are guaranteed only their own shares. So did the Kaixa beg Berardo's personal endorsement of the loan? First, the commander said that Kaixa did not ask for endorsement, recommended by the public administration's risk management. But later admitted that the request was made in 2007, but refused.

"If they did, I didn't give my personal endorsement. But I'm not worth much. They never asked. I didn't find my life (with a personal endorsement)." Later rectifier: in 2006, in the financing of € 50 million, Kaixa did not ask for collateral. At the 2007 financing, up to € 350 million, Kaixa asked for endorsement, but Berardo refused. And in 2008, he granted a personal endorsement of $ 380000 / loan from Kaixa, but this was to help raise the capital of BCP, he added.

It's one of the phrases that comes from this edition. In contrast to the outward wealth of wealth he showed recently in interviews, and the question – why not pay your loans? The most surprising answer came: "I personally have no debt. I've been trying to help. Of course, I have no debt." Joe Berardo was fined by the three banks with which he signed a debt restructuring agreement. 2012 that creditors are struggling to reach. But we are back to this topic.

There was another one soundbites Who marked the commander's performance when asked questionable: but quinat da bakalhoa is not yours? Neither Quinta da Bacalha nor the other companies imputed to him. In some cases, it is explained that there are actions by companies that are given an attachment to other banks, such as BCP and Bests. These are the cases of Quinta da Bakalhoa, but also of Madeleine de Tabacco and Real Estate in Funchal. And the collection of modern art by the name of Berardo? It is owned by the Berardo Collection Association and the association is under the name "São Sa". As for the other bondholders of the creditor's association and the rights of the creditors to which they gave their titles in 2010, the answers are more complex.

Despite considering that there is no sensitivity to the information that came in the papers, which only had a garage in Pembroke in his name, Joe Berardo never accepted his owner anything else over the hearing that ended with a note of humor: "If they want to take the garage they can take". But he added that this is a joke, "with all due respect."

He was a big banker when he signed the restructuring agreement for Jo Berardo's bank debt of nearly € 1 billion. The commander gave him a 75% pledge of the Berardo Collection Association titles, but according to him, he had no right over the work of art that is the assets of the association.

What if the banks were asked to execute the collateral, the bonds in this association? "How can they do the job if they are on display?" Asks Berardo. "And the one in charge of the collection is the administration (of the association). And who chooses the administration, it's me," he concludes. But if the banks execute the garnishment, or not? "Those who do … Ah, Ah, Ah …" Berardo laughs.

On the other hand, although the agreement signed in 2012, the banks continue to have the work evaluated and participate in general association assemblies, this right would not have been exercised. Already at the end of the hearing, Joe Berardo was confronted with the amendment that promoted the Berardo Collection Association statues, which made life even more difficult for banks – Kaixa, BCP and Novo Banco. For this change, Berardo will have a precise judicial decision, according to which the creditor banks would not have the right to assemble for the general assembly. "They tried to hold a General Assembly without challenging me, and I do without summoning them," admitted the commander.

First, there was a capital increase in the Association, which diluted the banks position with the entry of more partners. Then, in 2016, a general assembly was held to approve a change of brigade, limiting the sale of bonds that the bank could make through the execution of those pledges. This can only happen with the agreement of most of the members. And who are the partners who are on your side and against the bank? Berardo did not want to identify.

And what have you changed these statutes? Berardo said there were fears that banks could sell the pledge to "vital" restructuring of funds. But he eventually admitted that he changed the statutes "to protect my interests." "The interests of the union," he later corrected.

Berardo's day in the caixa commission would not end without another unusual moment, even after the end and outside the parliament. In the side door – where, from time to time (when the main entrance is closed), the deputies, journalists and deputies are waiting for at least three executions, sent by the court (the Lisbon district?). The former idea was to announce an ongoing enforcement process, the last known being a joint action of three banks, Kaixa, BKP and Novo Banko, which together total more than 960 million euros. It is true that they do not only ask for Jose Berardo, but also for the Berardo Foundation, the MetalGest Company and the Berardo Collection Association.

The agents even wanted to announce Berardo within the Parliament – asking for permission for the effect, which was refused. So they stood at the door. Alerted, the journalists left the side to catch the message: the delivery of the message and later the signature of the visa. But that didn't happen. Berardo left, accompanied by the attorney – his interventionist over the hearing – the camera pointed out, but the court officials were hesitant and did not even come close. Berardo looked at the camera, apparently without realizing it, but soon it was his way, passing through the top of the stairs of the AR, in front of the main door.

Then a peculiar persecution began: a dozen and a half of journalists followed Berdo. And the executioners follow him even further down the side. Apparently they would like to meet him with Avenida Di Carlos, betting that the reporters would eventually give up and return to the interior. Nothing done. Always followed by journalists, Berardo and the lawyer entered through Calçada da Estrela and then turned to Rua de Sao Bento. Not even in Ivano, the "lineage" of Berardo even ended up in a garage, auto malaysia, where the commander and the lawyer got in the car and started.

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