Portuguese stock exchange regulator,the CMVM,is investigating potential irregularities involving the printing of more than duplicate share certificates for listed companies,raising concerns about possible undisclosed ownership,including potential involvement by the Berlusconi family.The investigation, updated as of September 29, 2025, at 13:06 local time, centers on the possibility that excess certificates could facilitate hidden control of companies and market manipulation.
the CMVM’s inquiry stems from discrepancies discovered during routine audits of share registration processes. The potential for unauthorized share ownership is especially sensitive given recent speculation regarding the Berlusconi family’s investment activities in Portuguese markets. While no specific allegations have been made against the family, the regulator is examining whether the excess certificates could be linked to attempts to obscure their holdings or those of affiliated entities. This investigation impacts investors,listed companies,and the integrity of the Portuguese stock market,potentially leading to fines,legal action,and increased scrutiny of share ownership transparency.The regulator initiated the probe after identifying instances where the number of printed share certificates exceeded the officially registered number of shares for several companies. This discrepancy raises the possibility that unregistered shares are circulating, potentially allowing individuals or groups to exert influence over companies without disclosing their ownership. The CMVM is working to determine the extent of the irregularities and identify any parties involved in the unauthorized printing or distribution of the certificates. facebook pixel tracking code indicates the news is categorized under “mercados” (markets) and “bolsa” (stock exchange) with tags including “Família” (Family) and “Impresa” (Printed).
