THE PORTUGUESE subsidiary of the multinational group Avis is being investigated for alleged fraud.
According to the Financial Times its directors overvalued its shares to the tune of three million Euros. It means that in 2007 the company in Portugal actually had a deficit worth the same value.
The management of the Portuguese subsidiary have already been suspended while a group of company directors at a European level flew to Portugal accompanied by auditors to ascertain the extent of the damage.
A company source said that the company’s clients would not be affected by the financial scandal.
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