Analysis of the Appeal
The recent ruling, accessed by Lusa, reveals that the judges of the Tribunal da Relação have thoroughly examined the appeal. This comes after a decision made last year, which rejected the request for the inclusion of the members of the audit committee in the ongoing lawsuit. The case involves Pharol’s legal action against Henrique Granadeiro, Amílcar Morais Pires, and Pacheco de Melo, seeking their joint liability for damages equivalent to the difference between €897 million and the amount they may receive in the insolvency proceedings of RioForte.
Defendants’ Response
In response to the summons, the defendants submitted a defense, challenging the claims and requesting the intervention of third parties—specifically a passive main intervention. According to the ruling, the defendants Henrique Granadeiro and Luís Pacheco de Melo, among other points, advocate for the involvement of the audit committee of Pharol in the proceedings. They argue that the committee, which is tasked with overseeing the company’s management, did not identify any irregularities related to the subscription of commercial paper from ESI and Rioforte. Additionally, Amílcar Morais also supports the inclusion of audit committee members in the case.
Court’s Conclusion
The Tribunal da Relação has agreed with the defendants’ position, stating that there were not enough facts presented to establish the joint responsibility of the audit committee members based on the provisions of Article 81(2) of the Commercial Companies Code (CSC). Consequently, the judges concluded that the appeal was entirely unfounded and upheld the original decision.
Background of the Case
Pharol initiated this legal action in 2015 against the three former administrators due to investments made in Rioforte. The company is seeking to recover the difference between the substantial amount of €897 million and what it may ultimately receive from the insolvency process of the former Espírito Santo group entity. This case highlights the complexities involved in corporate governance and the accountability of management in financial dealings.
