Rui Costa on Banco de Portugal credit blacklist after Montepio loan default | OneFootball

Benfica president Rui Costa has been placed on the Banco de Portugal credit blacklist after a payment default linked to a Banco Montepio facility exceeding €20m, tied to the Dream Living project in Carnaxide.

According to Observador, he is a shareholder in the development and acted as guarantor on several Montepio loans worth more than €20m, arranged to fund construction of the scheme, unveiled in 2018 with JPS Group and valued at around €45m.

The default is understood to have begun in May. About €7m has since been repaid, yet the outstanding balance remains above €15m including default interest and other charges. The report said he is negotiating a debt restructuring with Banco Montepio.

Rui Costa left immediately after Benfica’s 2-1 defeat to St Gallen.

In April, Sábado reported that former vice-president Luís Mendes filed a lawsuit against 10 Invest to recover €500,000, a sum that was later settled.

The magazine added that Mendes said his exit from Benfica’s SAD board was unrelated to that dispute, which is linked to the real estate venture at the heart of Rui Costa’s current situation.

Source: Glorioso 1904