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CMVM fines John Textor and ‘Chicken King’ €75,000 – Benfica

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The CMVM imposed individual fines of €75,000 on John Textor and António José dos Santos, known as the “king of the chickens”, for violating their duty to communicate with the market. At stake, the agreements concluded between Textor and the president of Grupo Valoro for the purchase by the American businessman of a 25% stake in the capital of SAD do Benfica. In a press release, the market supervisor informs that “José António dos Santos, António José dos Santos, Dinis Manuel Oliveira dos Santos, Manuel dos Santos, Maria Júlia dos Santos Ferreira, Grupo Valouro – SGPS SA, Avibom – Avícola, SA, Agro – Pecuaria do Alto da Palhoça, Lda. and Quatro-Ventos – Sociedade Agro-Pecuária, SA have exercised, in concert, since June 19, 2020, influence in a company whose shares are admitted to trading on a regulated market”.

Last year, continues the CMVM, José António dos Santos “signed with third parties several promises to buy and sell shares of said company with shares admitted to trading on a regulated market, following which he became responsible for more than 20% of the voting rights corresponding to its share capital”. However, according to the supervisor, these agreements, which corresponded in practice to an increase in qualified participation, were not communicated either to the “embodied” SAD nor to the CMVM within the time allowed.

Also last year, John Textor signed with the ‘King of Chickens’ several “contracts for the purchase and sale of shares” of SAD do Benfica, “due to which 25% of the voting rights became attributable to him”. in SAD incarnate.

Once again, Textor did not inform either CMVM or Clube da Luz’s SAD of the acquisition of a qualifying holding within the four-day period provided for by law.

Thus, underlines the press release, both José António dos Santos and John Textor “have violated the obligation to communicate a qualified participation to the CMVM”, which is qualified as a “very serious infringement, punishable by a fine of €25,000 ( twenty-five thousand euros) and €5,000,000 (five million euros)”.

In addition, the two entrepreneurs “have again violated the obligation to communicate the qualified participation to the company in which they participated”, which is also a very serious violation”.

The CMVM Board of Directors has decided to impose a fine of 75,000 euros on José António dos Santos and to impose an equivalent fine on John Textor.

The other defendants – António José dos Santos, Dinis Manuel Oliveira dos Santos, Manuel dos Santos, Maria Júlia dos Santos Ferreira, Grupo Valouro – SGPS SA, Avibom – Avícola, SA, Agro-Pecuária do Alto da Palhoça, Lda. and
Quatro-Ventos – Sociedade Agro-Pecuária, SA – received only one warning.

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