A former chief executive of Portugal’s national airline TAP signed a multi-million dollar consultancy contract with the carrier through an unconstituted “ghost company” just days after leaving his post, an arrangement now central to a public prosecutor’s investigation.
Fernando Pinto, a Brazilian manager who led TAP for nearly two decades, entered into the consulting agreement in February 2018, only five days after his departure from the airline’s administration. The company through which the contract was secured was not formally constituted at the time.
Under the terms of the deal, Pinto reportedly received $72,500 (€67,000) per month. This amounted to a total of more than $1.76 million (€1.62 million) by 2020.
The details of the contract were revealed this week by the Portuguese newspaper Correio da Manhã.
This specific contract between TAP and the unconstituted firm has become a primary focus for the Public Prosecutor’s ongoing investigation into the national airline.
Pinto served as the chief executive of TAP from 2000 to 2018.