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Portugal’s public prosecutor is reporting that the CEO of Energias de Portugal (EDP), has been named as a suspect in a corruption case. The announcement follows police searches of the offices of EDP, energy grid operator REN and the local division of Boston Consulting Group. Both EDP and REN said they are working with authorities, while Boston Consulting Group also confirmed police searched its Lisbon office. It this stage there is no suggestion BCG is involved in any wrong-doing, but in a statement it released, the consultancy said it "will continue to collaborate with authorities in whatever is necessary, always ensuring the confidentiality of its clients”. The prosecutor said the investigation centres on hundreds of millions of euros in state compensation paid to former monopoly EDP for giving up some of its long-term power-purchase contracts as part of the liberalisation of the power sector in 2004.

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See: https://www.reuters.com/article/us-portugal-corruption-utilities-idUSKBN18T2Q9

Peter Crush for Consultor.news

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