The Portuguese regulator fined two years ago "Alpac Capital" and his boss with 137.000 euros due to 36 violations of regulations on preventing money laundering and terrorist financing in the period from 2017 to 2023.
Although the competent state institutions of Portugal did not establish that money laundering actually took place, the case raises the issue of the transparency of 30 million euros, which is planned for Juronnews, which is owned by "Alpac Capital", to buy 12 media outlets of the United Group, among them N1, TV Nova, "Danas", "Radar" and "Vijesti" from Podgorica. "Alpac", and its directors Pedro Vargas David and Luis Santos, they did not answer the question of "Vijesti", who are the ultimate real owners in the announcement and the sources of capital for that purchase.
Rade Veljanovski, retired professor at the Faculty of Political Sciences, tells "Vreme" that it is a big problem for any media if the origin of the money it was bought for is questionable.
"Companies that have proven to be incorrect in their financial operations can only behave in the same way in the new media they buy," Veljanovski believes. "In order for the media to work professionally and objectively, and not directed at particular interests, there must be no dirty capital."
If there really are problems with the sources of financing for the new owners of a large number of media in Serbia, but also in the entire Balkans, it can only mean, adds Veljanovski, that everything is being done in the interest of the power centers.
Violating regulations
A Portuguese investment fund that wants to buy dozens of media outlets in the region, including "Vijesti", and its two formal owners and managers, systematically violated the country's anti-money laundering and anti-terrorist financing regulations from 2017 to 2023, culminating in final fines imposed by the country's Securities Market Commission (CMVM).
The Portuguese regulator initiated the procedure in 2022, and two years later issued a decision in which it found a total of 36 administrative violations directly related to the violation of Law no. 83/2017 on the prevention of money laundering and terrorist financing and therefore fined "Alpac Capital", Pedro Vargas David and Luis Costa Santos with a total of 137.000 euros, write "Vijesti".
With this decision, the CMVM did not establish that there was money laundering or financing of terrorism, but that "Alpac Capital", David and Santos did not comply with prescribed procedures that reduce the risk that the money in their business that was collected from investors does not come from such and other criminal acts.
This case additionally raises the question of the transparency of the investments of related companies and funds of "Alpac Capital" in the purchase of media in Montenegro, Serbia, Bosnia and Herzegovina, Croatia and Slovenia from the current owner of United Group, which is majority owned by the British investment fund "BC Partners", as well as the question of their future as professional media with an independent editorial policy, essential for media pluralism in these countries, according to the Podgorica newspaper.
Where is the "News"?
The United Group announced at the end of May that it had reached an agreement on the sale of media from the "Adria News Network" to the company "Alpac Capital". In that network, the formation of which was announced at the end of February and which includes 12 media from the region, the United group included "Vijesti", although it did not have any authority to do so, nor did that network have any authority over "Vijesti" until now, Podgorica media reports.
They add that the minority shareholders of "Vijesti" disputed the possibility of the current owner selling 51 percent of his shares in an announced manner, reminding that any possible change of control must be carried out in accordance with Montenegrin laws, company acts and the rights of minority shareholders, at the same time accusing the actors of the agreed transaction that the political interests of the President of Serbia, Aleksandar Vučić, are behind them.
Origin of money
"Vijesti" writes that in 2024, three reputable European media revealed that Juronujz, non-transparently, was largely bought with money from circles close to the now former Hungarian prime minister Viktor Orban.
Based on the decision of the CMVM and the Portuguese regulations, it can be concluded, "Vijesti" added, that "Alpac Capital" and two of its directors failed to identify who was actually behind the money entering their funds. "Alpac Capital" did not systematically collect data on client representatives, did not check documentation on the authorizations of third parties and did not determine who are the real owners of the entities with which they do business.
"Alpac Capital" is a "risk capital" company, write "Vijesti". Such entities manage funds that raise capital from investors to invest in private companies that are not listed on the stock exchange, with the goal of high returns or for other reasons, but with enormous risk.
In Portugal and the European Union, SCR companies are subject to strict regulatory supervision because, due to the nature of their business - large transactions, often non-transparent ownership structures of private companies - they are high-risk for money laundering and terrorist financing. The law requires them to know where "every cent" comes from and who its ultimate owner is, which "Alpac Capital", according to the regulator's decision, has ignored for years, adds "Vijesti".
The Securities Market Commission discovered problems with a total of 24 investors in "Alpac Capital" funds and in connection with five specific operations that were not adequately investigated, the Podgorica newspaper writes, adding that the analysis of the decision and Portuguese regulations shows that these failures were not only of a technical nature.
Bought a newspaper in Portugal, sold it for a euro after three years
According to Portuguese media reports, the "Alpac Capital" media episode there ended much more modestly than it started, "Vijesti" adds.
In 2022, "Alpac" presented the purchase of the newspapers "Nascer do Sol" and "Jornal i" at a never-before-published price as an investment in free, plural and independent media, just as it promises in the case of taking over the media in the Western Balkans.
In a speech in which he recently announced his desire to buy media in Montenegro, David spoke about long-term development, digital platforms, professional journalism, and financially sustainable media.
Last year, "Alpac" sold "Newsplex", the publisher of these Portuguese media, to "Media Capital" for one euro, assuming obligations towards the tax administration and social security. In the meantime, "Jornal" switched from being published daily to weekly, and then ceased to exist as a newspaper and became a magazine alongside "Nascer do Sol".
In 2024, the Portuguese media regulator ERC opened a procedure on possible impacts and transparency of capital flows in "Newsplex". The reason was public information that indicated possible links between the capital invested in the Newsplex and funds linked to the Hungarian government. In September 2024, the ERC archived the proceedings, stating that based on the elements collected, it could not prove the existence of influence on public opinion or non-transparency of financial flows.
Source: News/Weather
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