EDP to contest proposed suspension of CEOs in power contract inquiry

摘要

Portugal's largest power and gas group EDP is to contest a proposal by the Public Prosecutor's Office to suspend CEO Antonio Mexia and executive director and EDPR CEO Joao Manso Neto as part of a corruption investigation related to regulated power contracts, EDP said June 6. "The proposed measures are not adequately grounded and the facts that allegedly support them are not identified," EDP said in a statement to the Portuguese stock exchange. The proposals made June 5 to suspend the executive functions of Mexia and Manso Neto will be contested by June 15, the company said. Only following this date "will there be a judicial decision regarding the measures proposed by the Public Prosecutor's Office, remaining under inquiry stage after that decision," EDP said. Under the proposals published by the Public Prosecutor (DCIAP), the two executives may be obliged to surrender their passports and provide bond payments of Eur2 million ($2.26 million) and Eur1 million, respectively.