Ver Angola

Economy

Portuguese government nationalizes Efacec from Isabel dos Santos

The Portuguese Council of Ministers approved this Thursday the decree of law to nationalize "71.73 percent of the share capital of Efacec", a national company that "constitutes an international reference in vital sectors for the Portuguese economy".

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The announcement was made at the press conference of the Council of Ministers, by the Minister of the Presidency, Mariana Vieira da Silva.

"The State's intervention seeks to make the company's continuity viable, guaranteeing the stability of its financial and operational value and allowing the safeguarding of about 2500 jobs", justified the minister, and the details were later presented by the Minister of State, Economy and Digital Transition, Pedro Siza Vieira.

According to the communiqué of the Council of Ministers, "State intervention must still be carried out for a limited period of time and with a view to temporarily resolving the respective situation, with immediate reprivatisation envisaged, to be executed in the shortest possible time."

The Government considers that “the repercussion of the events related to the shareholder structure of Efacec Power Solutions, particularly the effects of the seizure of assets of some of its shareholders, led to the impossibility of exercising the rights inherent to the holdings that correspond to the majority of the company's capital. , generating several difficulties in the commercial and operational plan and, as a consequence, aggravated its financial situation, a situation that has been deteriorating at an accelerated pace ”.

However, on the page of the President of the Republic of Portugal, the promulgation of this “Government diploma destined to save Efacec” has already been published.

This process results from the departure of Isabel dos Santos, daughter of ex-President José Eduardo dos Santos from the capital of Efacec, following the involvement of her name in the 'Luanda Leaks' case, in which the International Investigative Journalism Consortium revealed, Last January 19, more than 715 thousand files detailing alleged financial schemes of the businesswoman and her husband that will have allowed them to withdraw money from the Angolan public purse through tax havens.

The businesswoman had entered the capital of Efacec Power Solutions in 2015, after buying her position from the Portuguese groups José de Mello and Têxtil Manuel Gonçalves, who are still shareholders of the company, currently facing the group with serious financing difficulties due to the shareholder crisis. that goes through.

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