Inapa shareholder blames Parpública for bankruptcy

A key shareholder in the failed Portuguese paper distribution company Inapa, Nova Expresso has suggested that the former management of State-owned company Parpública is to blame for the company’s bankruptcy over €12 million.

Now the shareholder thinks the exit of the former president of Parpública – an umbrella company that overseas public-owned companies in Portugal – may provide a good opportunity to revisit the troubled situation Inapa is in because of debts incurred by its German subsidiary.

Nova Expressão, Inapa’s second largest shareholder, with more than 10% of the capital, said on Monday that it was prepared to defend its rights “in all instances” and did not rule out “demanding responsibilities” from Parpública’s previous management and the company’s current management.

In a statement, Nova Expressão considers that the departure of José Realinho de Matos from the presidency of Parpública, replaced by Joaquim Cadete, means an “opportunity” to correct the thinking and actions of the company’s largest shareholder Parpública, which holds 45% of the capital”.

Nova Expressão said in the statement: “Now is the time for the main shareholder to adopt a fresh attitude, one focused on defending the company’s jobs and maintaining one of the few Portuguese-based multinationals operating in Europe, and, finally, respecting the shareholders – about 30% of the capital is dispersed among small investors”.