The financial situation of the companies formed by the Regional Government was discussed, on Sunday, with the negotiators of the EU Commission, International Monetary Fund and European Central Bank.
The total debt of the public sector businesses in Madeira reached 4221,2 million Euros at the end of 2009, a value almost three times that of the regional budget.
At the end of 2005, the debt accumulated by 35 directly government-owned companies had reached 1,76 thousand million Euros.
The Court Auditors, in relation to the year 2009, pointed to the technical bankruptcy of four ‘development societies’, whose negative equity reached 101,8 million, a value which increased a further 34,6 million in 2010.
Apart from these companies, created by Alberto João to circumvent the zero indebtment budget rule in order to be able to incur new debts for regional and municipal investments, twelve other companies were indicated as technically bankrupt, including the Regional Health Service, with a negative equity value of 116,3 million Euros, and the Jornal da Madeira newspaper, with over 30 million negative equity.
Government shares in public entities reached a nominal value of 286,6 million Euros in 2009. 85.7% of this value is concentrated in seven institutions: Health Services (145 million), Port Administration (28), Funchal Bus Company (15,6), ANAM Airport Services (13,5) Northern Development Society (10,1) and Porto Santo Development Society (10,5).
These companies’ objectives range from health services, to exploration of road infrastructures, electricity, urban transport, industrial zones, newspaper editing, sport clubs, banana production/ handling and soft drinks distribution.
Source: Público
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