Lone Star manager sells Novo Banco farm to wife at "cut price"

Lone Star manager sells Novo Banco farm to wife at "cut price"

Volkert Reig Schmidt, manager of Lone Star, a North American fund that bought a controlling stake in Novo Banco, sold his wife a farm that the bank owned in Sesimbra, Setúbal, for a "cut price".

NB, of which the State is a shareholder, lost 10.4 million euros on a property sold in 2022.

A manager of Lone Star, a North American fund that bought a controlling position in Novo Banco, sold his wife an estate owned by the bank in Sesimbra, Setúbal, for a “balance price”. The news was announced today by the newspaper Público.

The “Public” investigation reveals a deal made by Volkert Reig Schmidt, then president of GNB Real Estate, the asset manager of Novo Banco. The manager was the subject of a complaint with the CMVM for conflict of interest.

According to the public, Herdade da Ferraria, next to Meco Beach, was sold as rustic and vacant, despite having a building capacity of 50,000 square meters. Volkert Schmidt was the subject of a complaint with the CMVM for conflict of interest.

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