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The Portuguese airline is being targeted search of the Judicial Police in the context of an investigation research in the Central Department of Investigation and Penal Action (DCIAP) revealed the Attorney General’s Office. it is the second time that PJ is to search
TAP-related business in Brazil. The president
executive of TAP, Fernando Pinto, was heard several times at headquarters
the criminal investigation police.
“It is confirmed carrying out searches in connection with an investigation into research in DCIAP.”
It is recalled that in 2007 the TAP bought the maintenance company VEM and engineering in a deal which cost the airline around EUR 500 million. And that is being investigated by prosecutors since 2014.
One of the business aspects under suspicion have to do with the payment of a premium of 20 percent to Geo Capital company, dominated by Chinese businessman Stanley Ho .
“the PJ is still trying to collect information to assess whether the results of TAP in 2005, when the Portuguese airline bought the maintenance unit of Varig, allowed the operation. Is still in question whether the operation led to the payment of premiums and which the beneficiaries of these “advances the Economic .
Acquisition of VEM and ruinous management
Back in April last year the analyst Marco Silva markets said on Pros and Cons RTP: “If TAP fail there will be a loss
5.5 billion euros in three years “and this happens due to” ruinous management that
administration has had and started mainly from the acquisition of
Engineering and Maintenance in Brazil, VEM (Varig Engineering and
Maintenance), an acquisition that I know, was not even authorized by
Government, as the TAP is a public company. “
The same analyst markets also told RTP at the time that the administration of TAP
acquired “a company that had a negative equity of 77
millions of euros. It paid 19 million, plus 24 injected
instantaneously. And here begins the great losses of TAP. because in
last year, the company had an equity of 38 million
positive.
"A TAP has less 515 million and was 38 million at the beginning. The transport
air, engineering and Portuguese maintenance, free shop and catering
had profits of 112 million, “he said.
Marco Silva said that, first, the President of TAP had said that most
participation VEM was to sell, “however, and therefore poses
this acquisition in 2007. This is all very important. “
” He clearly hid a loss, manipulated the accounts and said,
as it was to sell quickly, not to be consolidated. What is certain is that
the year after I was saying it was a long-term investment and
consolidated it, “said the analyst.
"O that is removing the Portuguese workers is serving
to finance the losses in Brazil engineering and maintenance, “he said
Marco Silva
Pros and Cons of RTP program. – April 27, 2015
The analyst says there are markets
legal responsibilities, “including tax and labor in
Brazil is still missing pay. So he [Pinto] was placed
deadlocked in a large financial hole. Since VEM was
acquired, never VEM invoiced more than the Portuguese. ”
He added that the president of TAP “bought a company highly
indebted with very personal and which caused losses. He fired about
50 percent of people and who paid this bill was TAP and
workers TAP Portugal. This is the accumulated of 2007 COME TO
2014 “.
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