Joaquim Cadete to take office as President of the Republic of Poland on Monday

Parpública announced this Friday the election of a new board of directors for the 2024-2026 term, led by Joaquim Cadete. This process will come into effect on Monday, according to a statement published by the Securities Market Commission (CMVM).

Thus, the group that manages state business holdings found that, in addition to Joaquim Cadete, as executive president, João Carlos da Silva Sacadura Pinhão (vice president) and executive members Ana Cristina de Lemos Cabral Gouveia de Carvalho and João Carlos Marques Ferreira.

Also elected were non-executive member and president of the audit committee, Pedro Miguel Ribeiro de Almeida Fontes Falcão, and non-executive member and member of the same committee, Maria João Dias Pessoa de Araújo.

According to the statement, “being dissolved by the sole shareholder, the Board of Directors of Parpública, elected by written unanimous public resolution of October 31, 2023 for the term 2023-2025, was elected from September 2, 2024, with the exception of the election of the executive member João Carlos Marques Ferreira, which will take effect on September 16, 2024”, of the members of the Board of Directors for the term 2024-2026.

With a PhD in Political Science (ICS, University of Lisbon) and a Master’s in Monetary and Financial Economics (ISEG) and Political Science and International Relations (UCP), Joaquim Cadete has since been a non-executive director of Euronext Securities Porto. In 2019, he consolidated the administration of Banif Banco de Investimento between 2017 and 2018, appointed by Oitante, and Citigroup between 2000 and 2011.

João Pinhao returns as Financial Administrator to the Republic of Pérepublique after joining the administration between 2020 and 2023.

The Finance Ministry confirmed to Luce last week the decision of Jornal de Negócios to remove the Parpública administration, which has been headed by José Realinho de Matos since the end of 2023.

According to Jornal de Negócios, the departure was justified by the administration’s more reactive than proactive stance, as well as the failure to provide timely information to the ministry.

The Finance Ministry said it only learned of the “critical situation” Inapa was in on July 11 (when the shares were suspended) and that was when it called Parrepublika, which explained that Inapa had requested a €12 million injection for the treasury’s urgent needs in its German operation, when it already had a €15 million request for restructuring.

The financing failed and the company entered bankruptcy proceedings, with Inapa’s executive committee even stating earlier this month that it was “never possible” to reach a solution to capitalise the company “due to the unavailability” of Parpública’s largest shareholder, with whom it had established “more than 50 contacts” to recapitalise and restructure the group.