Financial restructuring

LISBON Câmara company, Empresa Pública de Urbanização (EPUL), responsible for housing projects and development, is to undergo a major rationalisation programme in a bid to slash spiralling debt.

Since September 2006, EPUL has been under investigation for incompetent management, with Lisbon Câmara spending 110,000 euros on a Capgemini consultants’ report. The report recommended part of EPUL’s staff should be sacked and added that the company may have to be run or replaced by another, better qualified and more efficient property management company.

Lisbon Câmara President and EPUL are refusing to comment on the report.

Do you have a view on this story? Email: [email protected]