COMPANIES HELD by the Amorim Investment Group, which controls the country’s largest cork producer Corticeira Amorim, are being investigated over alleged financial misdealing as part of Operation Hurricane (Furacão).
Amorim offices and those of Spanish international property group Chamartin were searched last week by tax and Polícia Judiciária (PJ) officers investigating suspected financial fraud offences, false bills and capital laundering.
A communication posted on the website of the financial watchdog Comissão do Mercado de Valores Mobilíarios (CMVM) has confirmed the searches and investigations being carried out by the Inspectorate of Taxes, Inspecção Tributária, and the Fiscal Brigade, Brigada Fiscal, which also stated that both entities were ‘receiving full co-operation’.
The Chamartin Group has acquired a number of companies formerly owned by Américo Amorim including a number of property companies, such as those owning several shopping centres under the brand Dolce Vita, offices and residential buildings in Lisbon, Porto and Coimbra.
In statements made to the Portuguese business daily Diário Económico, Américo Amorim has confirmed that the searches and investigations are looking into the relationship between the group and banking entity Banco Espírito Santo, which has also in the past been the target of Operation Hurricane, but said they related to facts that occurred up to 10 years ago.
Launched at the end of 2005, Operation Hurricane has been investigating alleged practises related to tax evasion, issuing false bills and capital laundering through off-shore companies, many of them created by banks themselves.
Since Operation Hurricane began, many financial and business entities have opted to pay amounts to the tune of 50 million euros to the tax authorities.
Banks BES, BCP, BPN and Finibanco have also been, or are being, investigated.
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