Por­tu­gal’s CGD boss quits

The Myanmar Times - - International Business -

THE board chair of Por­tu­gal’s trou­bled state-owned Caixa Geral de De­pos­i­tos bank has re­signed af­ter weeks of pres­sure as he re­fused to de­clare his as­sets.

Por­tu­gal’s govern­ment said it “re­gret­ted” An­to­nio Domingues’ de­ci­sion, adding he would not leave his post un­til the end of De­cem­ber.

The govern­ment will sub­mit its nom­i­na­tion for his re­place­ment to Euro­pean bank­ing au­thor­i­ties with Mr Domingues’ suc­ces­sor set to be charged with “fol­low­ing the re­cap­i­tal­i­sa­tion plan that has al­ready been ap­proved” for Por­tu­gal’s big­gest bank.

The Euro­pean Com­mis­sion ap­proved a re­cap­i­tal­i­sa­tion plan for the ail­ing lender in Au­gust. The to­tal cap­i­tal could run to over 5 bil­lion eu­ros (US$5.3 bil­lion), in­clud­ing 2.7 bil­lion in­jected di­rectly by the state.

The bank has suf­fered a string of con­tro­ver­sies, in­clud­ing a row over high di­rec­tor pay and Mr Domingues’ re­fusal to de­clare his in­come and prop­erty to the con­sti­tu­tional court.

The govern­ment had ac­cepted that Mr Domingues and his team of di­rec­tors be ex­empted from the rule, prompt­ing sharp crit­i­cism from the op­po­si­tion.

Newspapers in English

Newspapers from Myanmar

© PressReader. All rights reserved.