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This is Joe Berardo’s second defeat in court in just one month.

The Funchal court decided to arrest the Monte Palace Tropical Garden hotel, a 70,000-square-meter property in Funchal that will be worth about 40 million euros.

The businessman now has 30 days to appeal the court decision, which was dismissed following an action brought by Caixa Geral de Depósitos.

The public bank, together with BES and BCP, advanced in April with a joint lawsuit against Berardo after several attempts to renegotiate a total debt of around € 1 billion failed.


By the end of June, the court had ordered to arrest two apartments of the businessman in Lisbon worth 4 million euros.