Privatised businesses take “hundreds of millions out of Portugal”

More than 500 million euros in dividends paid by businesses recently privatised in Portugal are due to leave this country.

News website Abrilabril – which claims to look at current events with an independent eye – says the real figure is almost certainly higher as “only stakeholders with more than 2% capital are obliged to communicate their identities”.

CTT, EDP, Galp Energia and REN are, says the site, “preparing to distribute more than a billion euros in dividends” this year, and almost half of this amount “will be going abroad”.

Chinese and US investment funds are the entities that most benefit from the share out – “almost €350 million” with more than two thirds of the total going to EDP.

Of EDP’s dividends €50 million will be going to a Spanish fund, €28 million to sovereign funds of Abu Dhabi, and Qatar (€15 million), an Algerian oil company (€16 million) and a Norwegian bank (€14 million).

The only money staying in Portugal will be €17 million “which corresponds to participation by BCP and its pension fund in EDP capital”.

Galp is the only company where the “principal shareholder (Américo Amorim) is Portuguese”, says abrilabril. Amorim Energia B.V is due for almost €70 million, but the business is based in Holland “created to avoid the payment of Portuguese taxes” – and the dividend is to be divided with Angolan State oil company Sonangol.

Abrilabril adds that “between the oil companies of Angola and Oman, and sundry funds like BlackRock (currently boycotting Portuguese debt (click here), more than €64 million of Galp dividends will be leaving the country.

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