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Portugal EDP, REN offices searched in corruption probe
June 2, 2017 / 4:32 PM / 6 months ago

Portugal EDP, REN offices searched in corruption probe

LISBON, June 2 (Reuters) - Portuguese police searched the offices of power utility EDP-Energias de Portugal, grid operator REN and the local unit of U.S. consulting firm the Boston Consulting Group on Friday as part of a corruption probe, the prosecutor’s office said.

In a statement, it said the investigation is linked to hundreds of millions of euros in state compensation paid to former monopoly Energias de Portugal for giving up some long-term power-purchase contracts under a liberalisation of the power sector, which began in 2004.

It did not provide any further details and did not mention if there were any formal suspects in the case. No arrests have been made.

Officials at the companies involved were not available for comment, but state news agency Lusa quoted EDP and REN saying they were fully cooperating with the authorities in the investigation.

EDP shares fell to close 1.34 percent lower on Friday and REN slipped 0.5 percent, while the broader market in Lisbon ended practically flat. (Reporting by Andrei Khalip; Editing by Adrian Croft)

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