Arab Today, arab today portugal telecom offices searched in fraud probe
Last Updated : GMT 08:27:29
Arab Today, arab today
Arab Today, arab today

Portugal Telecom offices searched in fraud probe

Arab Today, arab today

Arab Today, arab today Portugal Telecom offices searched in fraud probe

Investigators searched the Lisbon
Lisbon - AFP

Investigators searched the Lisbon offices of Portugal Telecom on Tuesday as part of a probe into a controversial loan it made to a holding company of failed banking group Banco Espirito Santo.
The investigation concerns "suspicions of aggravated fraud" connected with Portugal Telecom's "financial investments", prosecutors said in a statement.
"Portugal Telecom will cooperate fully with the authorities," a spokeswoman for the group's PT SGPS holding company told AFP.
Portugal Telecom in April last year loaned 897 million euros ($1.2 billion) to Rioforte, one of the BES holding companies.
Rioforte failed to meet repayment of the debt in July and the bank had to be rescued in August by the government.
Tax inspectors and officials from the market supervisor also participated in the operation.
At the same time as the probe of Portgual Telecom buildings, investigators also searched the offices of auditing group PricewaterhouseCoopers (PwC), officials said.
According to the weekly Expresso, a PwC audit of the Portugal Telecom loan to Espirito Santo is said to have expressed serious misgivings about the company's management by former directors.
The head of the market regulator, Carlos Tavares, said in July that the issuing of the loan may have included "possible criminal behaviour".
The raid comes days before PT SGPS is expected to respond formally next week to the sale of Portugal Telecom's Portuguese assets to Altice, the parent company of French telecoms firm Numericable-SFR.
The holding company has a veto over the transaction, which came about after the merger between Portugal Telecom and Brazilian operator Oi that began in 2013 soured.
Oi forced its Portuguese partner to sign a new merger agreement after the collapse of BES due to the loan, cutting Portugal Telecom's share in the new combined company to around a quarter from the 38 percent originally agreed.
Oi kept Portugal Telecom's assets in Brazil, but agreed to sell off those in Portugal to Altice for 7.4 billion euros in December.
Portugal Telecom's chief executive, as well as that of Oi who was a former head of Portugal Telecom, both resigned over the BES affair.
Portugal Telecom share prices have shed more than 70% of their value since media reports revealed the Rioforte loan last June, with some investors losing as much as 400,000 euros ($476,00), stock market observers said.
Portugal Telecom stock price declined a further six percent by Tuesday's closing to .81 euros ($0.97).

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today portugal telecom offices searched in fraud probe Arab Today, arab today portugal telecom offices searched in fraud probe

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today portugal telecom offices searched in fraud probe Arab Today, arab today portugal telecom offices searched in fraud probe

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday