The Vale de Lobo development has a debt of around 300 million euros to Caixa Geral de Depósitos and will have late payments on 12 loans taken out with the state-owned bank, one of which in the amount of 194 million euros and which is the target of judicial investigation in the context of the process «Operation Marquis», reported the newspaper Público, this Saturday.
According to the national daily, the outstanding amount is related to loans totaling 249 million euros. But "defaults and interest will have made the debt grow to 300 million, which means that over the past nine years, no capital has been written off."
The loan, which is being investigated by the court, was taken out at a time when Armando Vara was a director of the Bank and will be one of the reasons that led the Public Ministry to bring an indictment against the former director of CGD and the apply the coercive measure of house arrest, which has since been replaced by a 300 euro bond.
Allegedly, Armando Vara "received one million euros to favor the Vale de Lobo development under the terms of the loan, namely in lowering the interest rate, cutting procedural costs and easing guarantees," according to the public.
The same newspaper sought clarification from both CGD and the Vale de Lobo venture, but both declined to make statements on the matter.
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