Alpac Capital fined €137,000 by Portuguese regulator amid Balkan media acquisition

The Portuguese securities regulator (CMVM) imposed a €137,000 penalty on Alpac Capital and its two directors, Pedro Vargas David and Luis Santos, for 36 breaches of anti‑money‑laundering and terrorism‑financing rules between 2017 and 2023. While the regulator did not find actual money‑laundering, it noted that the firm failed to follow procedures that reduce the risk of illicit funds entering its business.

Alpac Capital is pursuing the purchase of a network of twelve regional media outlets from United Group’s Adria News Network, including Montenegro’s daily Vijesti and other titles in Serbia, Bosnia‑Herzegovina, Croatia and Slovenia. United Group announced the deal in May, although it had no authority over the network’s assets. Minority shareholders of Vijesti have challenged the sale, citing Montenegrin corporate law and alleging that the transaction serves the political interests of Serbian President Aleksandar Vučić.

Earlier investigations linked Alpac‑owned Juronjuz to financing from circles close to former Hungarian prime minister Viktor Orbán, raising further concerns about the transparency of the capital behind the media purchases.