Jaime Ramos and the Hidden debt investigation

The  Expresso weekly reported that Jaime Ramos is business partner of two of the construction companies who are creditors of the Regional Government in the 1.1 billion of hidden debt.

As is well known, Jaime is chair of the Cimentos Europa, in which he owns a 22,5% stake. AFA, Tamega and Zagope are the other shareholders.

Jaime Ramos and his son, Avelino Faria (AFA) and Tamega are also equal shareholders in Ecoram, a waste-treatment company.

Jaime Ramos and son are 100% shareholders in the tarmac supply company AECP-Asfaltos, Emulsões e Combustíveis.

(Nobody knows who the owner of the AFA shares owned Offshore are)

AFA, Tamega and Zagope are on the list of hidden debt credit which is being investigated by the Central Investigation Department in the operation designated 'Cuba Livre'. The investigation is on whether members of the government hid the debt from the Bank of Portugal and the Institute of Statistics on Purpose, a crime punishable with a one year jail sentence (which will lead nowhere since it is not severe enough to oblige the lifting of their parliamentary immunity! - just like the election violations!).


According to the Court Auditors, some of the debt (in 2009) reported to construction projects completed in 2003, but not billed until 3 or 4 years later. The Government had made a secret deal with the constructors to pay them in installments up until 1914, but never reported the debts.

There seems to be an obvious collusion between Bertie, Ramos and his construction partners in hiding the debt to keep Bertie in power and ensure his program of public construction would continue to drive huge sums into their pockets.


We used to joke about the 'Cement Lobby', but in this case, there is no need for a lobby since they are directly represented in Government.