HomeEconomyFormer TAP financial administrator left after three months due...

Former TAP financial administrator left after three months due to lack of insurance and management contract

The former financial administrator of TAP, João Weber Gameiro, justified his resignation from his position at TAP, in September 2021, due to the absence of a management contract and corporate insurance that would legally protect his performance as manager.

Weber Gameiro, who is appearing this Thursday at the TAP’s parliamentary commission to investigate public management, confirmed in response to PSD deputy Hugo Carneiro that the absence of a management contract, entered into under the public manager statute, was one of The reasons that led to his resignation, just three months after taking office. The other, complementary, reason was the absence of insurance for directors and officers (corporate insurance for the legal risks of management decisions), which Weber Gameiro describes as a “big gap” in a company of the size and financial and operational risk of TAP. .

“I think that all the big companies have this insurance”, noting that TAP had a turnover of more than 3,000 million euros, had 9,000 employees and operated more than 100 aircraft. From a management point of view, it was very demanding, with the need to transfer funds to Brazil —at that time, every month TAP had to send money to VEM (maintenance operation that was completed in the meantime)—, a high debt and no -Compliance with the technical aspects of financial contracts. At this point, TAP still did not have an approved restructuring plan and the costs were higher than the resources obtained.

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Source: Observadora

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