Efacec sign

Banks, bondholders take €35 million hit in Efacec reprivatisation

Efacec’s creditor banks and bondholders took losses of €35 million in the sale of the Portuguese engineering company to the German fund Mutuares, according to the secretary of state for finance today. Speaking at a press conference about the reprivatisation, João Nuno Mendes this was a complex operation, with many problems, but that in the end it had “the stamp of the European Commission (…) It’s not State aid, it’s a market operation,” he said, in which banks lose €29 million and bondholders €6 million. Efacec was nationalised in 2020 in the wake of the Luanda Leaks scandal, exposing Isabel dos Santos as one of the principal figures in a labyrinth of corruption.