Frasquilho re-elected TAP chairman despite offshore bung allegations

Miguel Frasquilho, facing deep concerns as his suitability to chair TAP after receiving funds from an Espírito Santo Group offshore slush fund, said today that he is "deeply calm" with his re-election to the boardroom.

 

Miguel Frasquilho, his parents and his brother received total payments close to €98,000 from Espírito Santo Enterprises between July 25, 2006 and October 5, 2011. 

Frasquilho’s excuse that the funds were sent to his family members ‘because he owned them money’ was not seen as credible by the Left Bloc which objected to his proposed re-election to the TAP chairmanship until a full inquiry had established the reasons for the payments and whether tax indeed had be paid on the amounts, as he claimed. 

 

The Left Bloc formally asked the Government if it was aware of the allegations that TAP Chairman, Miguel Frasquilho, has been in receipt of suspicious payments arranged by Grupo Espírito Santo through the undeclared offshore company, ES Enterprises. 

 

Miguel Frasquilho said of the issue, "On this I have already given the clarifications that I had to provide, I am deeply calm and full of will, full of enthusiasm and commitment to assist TAP in this new stage."
 
Following Wednesday’s shareholders' meeting, that also approved Antonoaldo Neves as the company's new CEO, Miguel Frasquilho highlighted the "new cycle" of the airline and thanked the outgoing CEO, Fernando Pinto, "on behalf of TAP and of the country."

 

"Today TAP enters a new cycle with a new executive committee and new administrative council, which I have the honour, the privilege and the pleasure to preside over and that motivates me a lot to work so that TAP maintains the positive route that it has been taking over recent years," Miguel Frasquilho told reporters.

 

Frasquilho said that the choice of Antonoaldo Neves, the new CEO, had "100% support from TAP shareholders," but did not give the percentage that supported his re-election.

 

Some 45% of TAP’s shares are owned by the Atlantic Gateway consortium, which is controlled by Humberto Pedrosa and David Neeleman. State company Parpública owns 50% and TAP worked have 5% reserved for their purchase.

 

As for the State’s selection of its representative directors of TAP, the left Bloc is not impressed, "the opacity, the lack of transparency and the lack of criteria that, as a rule, accompany these appointments, cannot be concealed. Often, nominees and ex-nominees transit between various public and private companies as if such transactions were natural and eternal,” read its position statement, last June.

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