Higiene urbana, Município

Lisbon's Municipality Rejects The Policy Of Fait Accompli Concerning At Egf's Sale

07, August 2015

Lisbon's Municipality, as a shareholder of ValorSul, was informed, unusually, that the privatization process of EGF (the majority stake holder of that company) would have been completed. It was by internal communication to the works of ValorSul, dated July 29th 2015 and sent to the Chairman of the Executive Committee, that the Municipality became aware of this fact.
In face of this reality, Lisbon's Municipality reaffirms its strong opposition against how the whole process took place, concerning the sale of shares by the Portuguese State to the private sector, lead by this government.
All the historic of EGF's privatization happened clumsily, not being provided all the information to the municipalities which are also shareholders of ValorSul, embarking in actions and procedures that violate the elementary rules of trade societies, whereby Lisbon's Municipality restates its will on keeping the current judicial proceedings under way, as a way to demand the fulfilment of the Law in a State that abides to the Rule of Law.
Lisbon's Municipality has under way with the Portuguese Courts of Law - both at the Administrative Supreme Court, the Trade Section of the Lisbon Court - legal proceedings aiming to prove the violation of the Law, as it happened with the modification of the statutes of ValorSul, SA, in default of its minority shareholders - the municipalities - as well as to prove that the process of selling EGF shares, by the Portuguese State, was done covertly and with the violation of required legal rules.