EDP CEO, Executive Board Member Suspended Amid Probe
July 07 2020 - 12:58AM
Dow Jones News
By Mauro Orru
EDP-Energias de Portugal SA said late Monday that Chief
Executive Antonio Mexia and Executive Board member Joao Manso Neto
have been suspended amid a probe open since 2012 related to the
alleged favouring of EDP which generated supposed benefits of 1.2
billion euros ($1.36 billion).
The Portuguese energy company said Chief Financial Officer
Miguel Stilwell de Andrade would serve as interim chief executive,
also retaining his current role as CFO.
The investigation is currently in the inquiry phase and Mr.
Mexia and Mr. Neto haven't been formally accused, the company
said.
The probe is related to the early termination of power purchase
agreements and the transition to costs of maintenance for
contractual balance, as well as the extension of the hydro public
domain right of use.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
July 07, 2020 01:43 ET (05:43 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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