Social Security Management Agency and Treasury Public Debt and CP funds applied by companies based in tax havens. Vieira da Silva says he has not been “negligence”
Three public authorities used tax havens for investments: the CP to issue debt, the Treasury agency to buy and the Social Security invested in pharmaceutical. In a statement, the Ministries of Finance and Social Security confirmed the operations, saying, however, that are studying ways to limit the state’s investments in tax havens. Vieira da Silva, Minister of Labour and Social Security, assured not have existed “negligence or lack of attention” by the leaders of the Social Security funds.
“I do not consider, with the data I have, that there has been negligence or lack of attention by the officials of the fund, as I said, at least since 2008 have a very strict code of use of the resources of Social Security, “said Vieira da Silva on the sidelines of the annual Congress of . Family businesses in Lisbon
“that which is featured now like to clarify that it is no application that funds Social Security have done – is already behind, I am very comfortable talking about it -. in any kind of “offshore” [tax haven] is a participation in a British fund that combines the actions of a diverse set of businesses, “said
the government’s information was released yesterday after of the TSF have advanced the news of the applications of public entities in tax havens. These clarifications come after the Express has come forward with the information that the state – and public authorities – had invested 148 million euros in tax havens blacklist of Finance at the end of June last year. The figures, taken from the database Coordinated Portfolio Investment Survey (CPIS) of the International Monetary Fund (IMF), reported the existence of applications of 131 million euros in Jersey and 17 million euros in Jordan. At the time, the State Deputy Secretary of the Treasury and Finance, Ricardo Mourinho Félix, said “not aware” applications of Portuguese public institutions offshore, following questions asked by the Left Bloc (BE).
Yesterday, Vieira da Silva also said that these companies, there is one for which there is some doubt by some entities that consider headquartered in Jordan, a country where Portugal is not allowed inside to take applications.
“There is a direct application is an application on a background of a company that, according to some readings, is headquartered in Jordan, other readings in the UK, I do not consider that there was no option,” he said.
Vieira da Silva considers that what is at issue is the existence of an application “in funds listed on major exchanges” and that eventually one of these funds that the minister thinks is listed on the London Stock Exchange, “has participation in a company that may have a relationship “with tax havens. “I understand that this is an appealing theme, but this concrete situation come to the conclusion that there is application of social security funds in offshore there is a tremendous distance, is the only word that comes to mind, tremendous distance,” he said.
in a joint statement, the ministries of Finance and Social Security furthermore stated that the Portuguese State held in tax havens, in June last year, 133 million euros invested by IGCP in debt CP, and over 171,000 applied euros by Social Security
on 30 June 2015, the State held a position of EUR 133 million held by IGCP concerning a bond issued by Polo III -. CP Finance Limited, based in Jersey with maturing in July 2015 and whose payment has since been achieved by the CP.
the State also held a position of 171,000 euros held by the Financial Stabilization Fund of Social Security (FEFSS) relating to an investment in shares pharmaceutical Hikma Pharmaceuticals Plc., based in Jordan, issued and regulated by the London Stock Exchange, the statement said.
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