The ongoing investigation into the ruinous sales of New Bank gained new momentum with the revelation of a set of real estate operations involving a core of Spanish managers, consultants and investors installed in Portugal since the entry of the North American fund Lone Star on the bench, the newspaper advances Public.
In the spotlight is Volkert Schmidtformer president of asset management Grupo Novo Banco and current director of Lone Star. According to the newspaper, Schmidt will have articulated operations that allowed nearby investors to acquire properties of the Novo Banco universe at prices well below the market.
Two deals are under scrutiny: the sale of Herdade da Ferraria, for 1.5 million euros, despite its significant construction potential, in an operation set up by Schmidt and his right-hand man, Vítor Oliveira; and the acquisition of fractions in the Antas Atrium development, in Porto, for values around 35% lower than the average prices in the area, also with direct intervention from Schmidt.
The information gathered by the PJ within the scope of the Operation Haircut suggests the existence of understandings between GNB officials, real estate developers and Spanish consultants to benefit from assets sold by Novo Banco with strong discounts supported, ultimately, by public money.
The mega police operation launched by October 29, 2025 — on the same day that the Government celebrated the sale of the State’s stake in Novo Banco to the French group BPCE — included searches of the bank’s headquarters, Lone Star offices, auditors, lawyers and the homes of several participants.
The impact was immediate: Novo Banco officials hurriedly abandoned the ceremony, while the PJ confirmed suspicions about sales of properties and asset portfolios that marked the years of Lone Star’s management.
The case, which exposes practices parallel to those that marked the post-BES period, now opens another chapter in Novo Banco’s long dossier, placing under public scrutiny the way in which assets covered by the financial cushion supported by Portuguese taxpayers were managed and sold.