CMVM imposed individual fines of 75,000 euros on John Textor and Antonio José dos Santos, known as the “chicken king”, because they violated their duty to communicate with the market.
At stake are agreements between Textor and the president of Grupo Valoro for an American businessman to buy a 25% stake in SAD do Benfica.
In a statement, the supervisory authority informs that “Jose António dos Santos, António José dos Santos, Dinis Manuel Oliveira dos Santos, Manuel dos Santos, Maria Giulia dos Santos Ferreira, Valuro Group – SGPS SA, Avibom – Avícola, SA, Agro-Pecuária do Alto da Palhoca, Lda. and Quatro-Ventos – Sociedade Agro-Pecuária, SA, together from June 19, 2020, exercised influence over a company whose shares are admitted to trading on a regulated market.”
Last year, CMVM continues, José António dos Santos “signed several promissory notes with third parties for the purchase and sale of shares of the aforementioned company with shares admitted to trading on a regulated market, as a result of which he became responsible for more than 20% of the voting rights corresponding to the statutory capital
According to the supervisor, these agreements, which in practice corresponded to an increase in substantial ownership, were not brought to the attention of either the “embodied” DBP or the CVM by the due date.
Also last year, John Textor signed several SAD do Benfica “share purchase agreements” with the “chicken king”, “as a result of which he became responsible for 25% of the voting rights” in SAD “incarnate”.
Once again, Textor did not inform either CMVM or SAD Clube da Luz of the acquisition of a substantial holding within the four-day period required by law.
Thus, the statement states that both José António dos Santos and John Textor “violated the obligation to inform CMVM of a qualified holding”, which is classified as “a very serious offense punishable by a fine of 25,000 euros (twenty to five thousand euros) and EUR 5,000,000 (five million euros).”
In addition, both entrepreneurs “still violated the obligation to report the qualified participation of the company in which they participated”, which is also a very serious offence.”
The Board of Directors of CMVM decided to impose a €75,000 fine on José António dos Santos and impose the same fine on John Textor.
The remaining defendants are António José dos Santos, Dinis Manuel Oliveira dos Santos, Manuel dos Santos, Maria Giulia dos Santos Ferreira, Valuro Group – SGPS SA, Avibom – Avicola, SA, Agro-Pecuária do Alto da Palhoça, Lda. and Quatro-Ventos – Sociedade Agro-Pecuária, SA – received only one warning.
Author: business magazine
Source: CM Jornal
