Since 2011, a subsidiary of Banco Espírito Santo has supported the Mário Soares Foundation with grants totalling €570,000, but this is likely to end as the Espírito Santo financial empire falls apart.
This support makes the banking group, formerly led by Ricardo Salgado before his arrest on charges of money laundering, the largest financial benefactor of the institution named after the former President of the Republic.
The last tranche was for €300,000 in March 2013, about a year before the problems in the Espírito Santo Group became known, leading to the collapse of BES and the rushed creation of Novo Banco.
The grant money came from BESPAR which until May 2014 contrrolled 35% of Banco Espírito Santo and was paid as a sponsorship contract in two parts; the first was in April 2011 for €270,000.
A second agreement for €300,000 was arranged in March 2013 but €100,000 lies outstanding and in the current circumstances will remain so.
The Mário Soares Foundation was created in 1991 with the aim of producing, promoting and sponsoring cultural, scientific and educational activities in various areas.
In 2013, the Foundation registered assets of €4.46 million.
Other major patrons of the institution in 2013 were Banco BPI, which contributed €500,000 and the Ministry of Foreign Affairs, which sent €400,000 of public funds. It is not yet know whether the Foundation expects ongoing support from Portugal's taxpayers.
Looking at the foundation’s general council, fundraising from within its ranks of associates should not be a problem as billionaires Américo Amorim and Stanley Ho are listed, among other luminaries.
Comments
This is what shows how nonsensical it is, in Portugal, to use titles like left and right wing, socialists, social democrat, even communist etc as they have no connection at all to the terms in use in a developed democracy.
Remember that this chap Soares was earning big sums during Salazar's time as a lawyer. And these billionaires or their Dads were also doing fine at this time.
One of the recurring legends is that the 'revolution' (use a small r) drove the heavyweight bad guys out of the country. But as we have seen with Ricardo Salgado they were soon back in their old jobs a year or so later.
Alentejo landowners were only ever asked to employ a few more workers ... but many chose to abandon their thousands of hectare lands and emigrate to their foreign estates until matters were clearer.
The add insult to injury - the huge amounts of the first EU structural funds then going to renovate these country estates and town mansions. Supposedly for tourism. But how many are open today for tourism ? 1% ???