Portugal’s Public Ministry says Soares de Costa failure a case of “culpable bankruptcy”.

The failure of one of Portugal’s most important construction companies, Soares da Costa, which left a trail of debts of €526 million, was a case of “culpable Insolvency” according to the Public Ministry.

Culpable Insolvency is the fraudulent disposal or concealment and or disposal of properties of a debtor to defraud their creditors.

The Public Ministry charges that the company’s president, Joaquim Fitas, who ran the firm during the last eight years of its existence, was “cavalier about the monies owed and paying them off.”

Fitas must now face court action, but the court has been unable to serve him with the papers.

The Public Ministry states that the bankruptcy of one of Portugal’s oldest and largest construction companies was “culpable” and states it is necessary and suitable to prohibit Fitas from exercising any management roles and should be made to compensate the company’s creditors.