The TAP Air Portugal privatization project is not transparent enough for the President of the Portuguese Republic. Marcelo Rebelo de Sousa refused to issue the decree on the draft law introduced by the government in September to launch and regulate the deprivation process. He does seek clarification on several points.
The first refers to the state’s future ability to control and intervene in corporate decisions. The president fears that the state will lose full control over a strategic company for the country, if it is not given an explicit role, noting that the sale stipulates the transfer of a percentage of more than 51%.
He also expressed concern that the draft law allows TAP to sell or acquire any type of asset, even before the decision to sell, without providing criteria to regulate this…
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