The Pharol SGPS, formerly PT SGPS, announced it has entered today with an action for damages against the former directors Zeinal Bava, Henry Grenadier and Luis Pacheco de Melo as’ violation of the respective legal and contractual duties “, including investments in instruments debt linked to the GES.
The company led by Luís Palha da Silva had filed another lawsuit against Henry Grenadier and Luis Pacheco de Melo, in this case for the investment of approximately EUR 900 million in Rioforte, of GES.
In other words, the action today came into court, and that includes Zeinal Bava, relates only to investments in debt instruments linked to the GES.
According with prosecution notes that the Lusa had access, Pharol recalls that in 2010 the PT SGPS carried out the sale of its stake in Brazil’s Vivo to Spain’s Telefonica for 7,500 million euros, the largest divestiture made to date by a Portuguese company.
As a result of this sale, PT SGPS remunerated invested capital for their investors, only then, accuses Pharol, “unlawfully and ignorance of his own executive committee,” the CEO company, Zeinal Bava, “decided to use” PT SGPS as “lender” of the GES.
“In fact, eng. Zeinal Bava was chairman of the executive committee “PT SGPS” when financing “to GES giving rise to the charge began.
” It was under his direction, coordination and oversight that have begun to be carried funding “and that” it was instituted a system of corporate governance in which the administrator responsible for internal auditing of financing the GES was the same manager that decided, responsibilities and then accumulated functions precisely “by Zeinal Bava, continues the charge.
The Pharol goes further and points out that it was under the direction of Zeinal Bava that “internal control systems were implemented that did not allow to detect the illicit realization of financing” the Espírito Santo Group.
E accuses him of having been under their control that PT SGPS “into debt unnecessarily EUR 500 million to increase the level of funding to GES – 250 million to 750 million euros – supporting the GES lower interest rate to that” the that the company had funded for this purpose.
In the case of Pacheco de Melo, the Pharol states that it was under the purview of Zeinal Bava as the then financial manager “accepted supervise the preparation of documents with financial reporting that escamotearam over four years the achievement of illicit financing to GES against the interests “of PT SGPS.
For Granadeiro, the Pharol considers that this agreed,” at least, continue all practices “earlier when he took over as chairman of the executive committee.
” at least it is said it was not possible to date determine [if Grenadier] in 2010 or later, when exercising the functions of chairman the non-executive Board of Directors had already agreed to participate in the realization and concealment of illicit financing to the GES “, refer the notes of prosecution.
” One day, the ‘sane’ the eng. Zeinal Bava or the ‘coexistence’ of the three defendants to their responsibilities permit, “the Pharol and all their stakeholders” will find out the real reasons that led those to violate so grossly their fiduciary duties to the benefit last of the then Group Holy Spirit, causing heavy losses that are the cause of this action, “explains the company.
For Pharol, it is clear that the three former managers” did not hesitate “to use the PT SGPS” as funding of then activities GES, exposing the company “an increasing risk, with no connection to the corporate purpose of it, eventually cause an even gross loss, but it certainly will be enormous.”
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