The Securities Market Commission (CMVM) fined TAP 50,000 euros for “untrue” information about the departure of former administrator Alexandra Reis, according to information published today on the regulator’s website.
“The information released by TAP in a statement dated February 4, 2022 was untrue as it was not true since it did not mention the agreement concluded between TAP and Alexandra Reis and the desire of both to terminate the existing contractual relationship after the negotiation process , initiated by TAR, and was not clear, since the use of the expression “refusal” corresponds to an ambiguous term that did not allow recipients of the information to immediately know the reality, namely the existence of a signed agreement between TAR and Alexandra Reis,” the published note said.
Thus, “the board of directors of CMVM decided to contact the defendant [TAP] a fine of 50,000.00 euros (fifty thousand euros).”
On February 4, 2022, TAP published a statement on the CMVM System of Dissemination of Information (SDI) in which it stated that “having been appointed by the previous shareholders and following a change in the corporate structure of TAP, Alexandra Reis, member and member of the Board of Directors and the Executive Committee of TAP” filed on that day “resigning from my position,” deciding to close this chapter of my professional life and “now taking on new challenges.”
TAP and Alexandra Reis signed an agreement to terminate the contractual relationship at the initiative of TAP, as the company explained after communicating with CMVM, which provided for compensation to the administrator in the amount of about 500 thousand euros.
This case became public knowledge at a time when Alexandra Reis was already Secretary of State of the Treasury in the team of Minister Fernando Medina, and led to the creation of a parliamentary commission of inquiry.
The CMVM found that TAP’s conduct “deliberately breached the duty to disclose qualitative information”, which constitutes a very serious offense punishable by a fine of between €25,000 and €5,000,000.
Author: Lusa
Source: CM Jornal
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