Mário Ferreira acquitted of tax fraud over Atlântida ship sale

The acquittal

Mário Ferreira, founder of Douro Azul and shareholder of Media Capital, was acquitted on Thursday, 29 October, of tax fraud linked to the sale of the ship Atlântida. Prosecutors had accused him of failing to declare more than €3 million from the deal and asked for a conviction. Judge António Pedro, who presided over the case, ruled that the conditions for finding the businessman guilty were not met. At the start of the trial on 19 March, Ferreira denied committing any crime and argued that the matter concerned a potential income tax (IRS) delay that had since been settled. Ferreira is also the owner of TVI.

How the ship changed hands

Mystic Cruises bought the Atlântida from the Viana do Castelo shipyards for €8.75 million in September 2014. In June 2025 the vessel was sold to Internacional Trade Winds (ITW), a company created in Malta and managed by Ferreira, for €11 million. ITW then sold the ship to Norway's Hurtigruten for €17 million. According to the prosecution, that resale produced a gain of €3.7 million that was not declared in time, giving an illegitimate income tax advantage of about €1 million.

Mystic Cruises purchase, September 20148.75

Sale to ITW, June 202511

ITW resale to Hurtigruten17

Mystic Cruises purchase, September 2014

8.75 million euros

Sale to ITW, June 2025

11 million euros

ITW resale to Hurtigruten

17 million euros

Data from the article text

The judge's reasoning

Judge António Pedro said the seat in Malta was not related to the ship's flag, and that choosing Malta only brought advantages under the corporate income tax (IRC) regime, which he described as more favourable than Portugal's. He said Ferreira had initially intended to obtain an unlawful tax benefit, but had declared all his income and paid the corresponding taxes. The judge did not find Ferreira's statements about the ship credible, while citing other external witnesses as credible for understanding how events unfolded. He also pointed to an attempt at 'opacity regarding ownership' of the holding companies used in the deals.

“The reality of the facts shows that the seat in Malta was never related to the flag of the ship.”

Ferreira's defence

At the first session in March, Ferreira agreed with most of the facts in the indictment but rejected the claim that he set up companies in Malta to shift profits and avoid tax, saying they were created for commercial and operational reasons. He maintained that he had already paid all taxes due on the €17 million sale before being charged. Referring to that payment, he said:

“I have already paid so as not to be bothered.”

Ferreira said he wanted to end what he called a 'novela' that had dragged on for 12 years.