Off the wire
• 1st LD: UN chief calls for calm, restraint in Burundi  • Foreign exchange rate of Euro to other currencies  • Germany's benchmark DAX index closes down  • U.S. to press European allies on sanctions against Russia  • Roundup: U.S. stocks tumble as Greek fears grow  • Roundup: UN, Italian authorities call for cooperation on environmental protection  • Roundup: Fund gap threatens vital aid operations supporting Iraqis in conflict: UN  • Canada seeking WTO authorization against U.S exports  • Feature: Italy proving to be a big challenge for companies in the sharing economy  • 1st LD Writethru: U.S. stocks tumble as Greek fears grow  
You are here: 　 Home

Portuguese gov't challenges court decision to suspend TAP sale

Xinhua, June 5, 2015 Adjust font size:

The Portuguese government challenged on Thursday a decision made by the country' supreme court to suspend the sale of national airline TAP.

"This protective order has to do with the mere pretext to halt the privatization," said Portugal's Minister of the Presidency and of Parliamentary Affairs Luis Marques Guedes, at a council of ministers meeting on Thursday.

"Everyone knows the urgency and emergency of the process of privatization of TAP, given that only the 61 percent sale of the capital of the air carrier to private (investors) will enable us to quickly capitalize the company, which can't be done in any other way," he added.

The government has maintained its deadline for Friday for bidders to submit their binding offers and will send the supreme court a "reasoned resolution" to contest the privatization.

The process against the sale was imposed by citizens' association Peco a Palavra.

The association claims the concession of the company is illegal due to the government failing to open a public tender to choose consultants to carry out the economic and financial evaluation of the company.

The sale of TAP is part of the country's privatizing program aimed to lower the high public debt, with the government offering up to 66 percent of the company.

TAP shelved the concession of the airline in 2012, because its only buyer, Efromovich, owner of Avianca, didn't meet the necessary requirements. Endit