The group withdraws 881 thousand euros in nine insolvency proceedings

The insolvency representative and 11 other defendants are accused of economic involvement in a business and money laundering in a scheme in which, according to the indictment, they pretended to buy real estate at a reduced price in nine insolvency proceedings and resold some. They will receive benefits of almost 881 thousand euros. The insolvency representative, another defendant with whom he lived, and the company he managed are also liable for failure to comply with the tax benefits.

According to the Porto District Prosecutor’s Office, which refers to the indictment of the DIAP Regional do Porto, “the defendant, an insolvency administrator, in collusion with another defendant, his unofficial employee, developed and implemented, between 2012 and 2014, a plan simulating nine insolvency processes , in which he assumed this functional capacity, the acquisition of property in various insolvency proceedings, using for this purpose the mediation of other defendants, people from the personal or professional connections of the defendant, accomplices.”

Through these defendants, “offers were submitted to acquire the properties at a value clearly below the market and/or fractional value of the properties listed for the insolvent masses and thus awarded; some of these properties were resold to third parties.” parties, and others remaining within the scope of these accused were detained during the investigation.”

Thus, the prosecutor’s office points out, “the defendants received benefits in the total amount of 880,987.80 euros related to the property they acquired and resold, plus the value of four properties seized in this case.”

The indictment also alleges “the dissipation of the assets of the defendant insolvency administrator through his partner (also the defendant) for the purpose of failing to pay to the Tax Authority amounts due under VAT and the IRS between 2011 and 2019, amounting to a total value of EUR 424,238.” .

Prosecutors demanded that the confiscated property and money be forfeited to the state, and that the defendants be forced to pay the value of the benefits from the criminal activity.

The insolvency representative and the other two defendants are subject to various measures and compulsions. The first was forced to be suspended from his duties, pay a bail of 50 thousand euros, undergo periodic presentations and be prohibited from contacting. The other two must pay a €20,000 bail, are required to undergo periodic presentations and are banned from contact.