terça-feira, 21 de janeiro de 2014

Ports Case - 2. ETP, the non-profit profitable company

The key player in the Ports operation is the company ETP (whose precursor was AGMOP). This at the time was a tripartite company whose shareholdres were the Stevedores Trade Union, the Regional Government and the OPM, which belonged to the Sousa Group.

The ETP was a NON Profit company which supplied the manpower to the OPM for the ports operation. .
Despite its non-profit status, according to the police report the ETP was nicely profitable (p.1288):

"During the period analysed (1998/2001) ETP charged its only client [OPM] 4.012.440.134$00 for the supply of labour, to which can be added debit notes to the amount of 10.650.000$00.

The ETP is a juridical entity which exercises a non-profit activity.

During this period the ETP had manpower costs of 2.358.119.469$00, social security and other costs costs of 488.774.785$00, and accident insurances worth 270.034.37$00, which allowed it to have a PROFIT of 895.511.510$00. (...)

From the research carried out it can be concluded that the costs of the ETP do not justify the high prices being practiced for the supply of manpower. Note that these profits would be far higher, if it were not for the advice costs born by the ETP, charged by other entities previously mentioned [i.e. other companies belonging to the administrators of the ETP and the Sousa Group]." 

We will get back to these other charges later. 


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