The former president of TAP, Fernando Pinto and four others are indicted in a corruption investigation, according to the Public Prosecution Service.
The information was confirmed on Tuesday by the Attorney General's Office, after a report in Púbico stated that Pinto had been made a defendant in an investigation into the circumstances surrounding the purchase and management of Varig Engineering and Maintenance between 2005 and 2007.
TAP lost hundreds of millions through its maintenance company in Brazil which it bought as part of a USD62 million emergency package. Suspicion has swirled around the Brazilian deal ever since as TAP overpaid for 95% of the shares of VarigLog and 90% of the shares of Varig Engineering and Maintenance (VEM).
In April 2016, searches were carried out at TAP and Parpública’s headquarters, the latter being the State holding company, by the Judicial Police’s Anti-Corruption Unit, on suspicion of deliberately harmful management and illicit profits.
“The investigators found no evidence of corruption or money laundering, and it is not yet clear whether prosecution will be filed or whether the lawsuit will be closed." stated Público.
Fernando Pinto says he has always acted in a transparent way, "It's important to put things in their place, it did not work, we did not win, it's true, this deal was not good but we had a lot of other deals that worked."
"I have been working in a very transparent way, I have always made a point of this as an example for future generations," said Fernando Pinto, confirming he had been under investigation for the past 18 months.
“Another five managers who were part of the TAP’s Executive Board of Directors also were indicted for the same reason: Luís Ribeiro Vaz, Fernando Alves Sobral, Michael Conolly, Luiz da Gama Mór and one other manager,” claims the newspaper.
The prosecutor's office is said to be looking at a complex case originating in an anonymous complaint made at the end of 2010.
