In late October, Tomás Correia, who served as president of Montepio for 11 years, was charged by the Public Prosecutor’s Office with crimes of breach of trust and money laundering. The case involves a 2013 deal between Finibanco Angola and a real estate company, which allegedly resulted in losses exceeding 30 million euros for both Montepio Geral and Finibanco Angola.
Virgílio Lima stated he has refrained from commenting on the matter, noting during an interview that he would continue to withhold comments as these are judicial issues.
When asked if the mutual association has been reviewing past management actions to assess if Tomás Correia’s leadership harmed the group, Virgílio Lima reiterated his decision not to discuss the topic.
Regarding whether the mutual association covers the legal defense costs for Tomás Correia—either directly or through insurance (as it’s common for directors and executives to have insurance against management-related lawsuits)—Lima denied that the association bears these costs but provided no additional details.
“Not in the association,” he stated briefly.
When questioned about whether the mutual might expel Tomás Correia if he is legally convicted, Virgílio Lima declined to comment further.
“This is a matter for the appropriate forums. I would not like to comment; as I said, we have not discussed this matter,” he mentioned.
In the upcoming elections for the association’s governing bodies on December 19, Virgílio Lima leads list A as a candidate for president of the Board of Directors, a position he has held since 2019 after succeeding Tomás Correia, who left amid controversy and investigations into his management conduct by regulators.
List A proposes to retain Maria de Belém Roseira, a former PS minister, as president of the general assembly, and Victor Franco as president of the Fiscal Council.
The top name proposed for the assembly of representatives is Vítor Melícias, who has been criticized by opponents for his past close relationship with Tomás Correia, including his role as president of the general assembly.
When asked if the list should reconsider Vítor Melícias’ candidacy, Virgílio Lima described him as a “good man” who has greatly contributed to mutualism and Montepio, presenting him as a valuable asset to the assembly of representatives.
“Father Vítor Milícias is a good man, a man of mutualism, who has greatly contributed to its development as president and even afterwards in various roles in several bodies (…). Now, having him in the assembly of representatives, along with all other members, to discuss mutualism is an extraordinary asset,” he said.
Regarding opposition demands to cut the salaries of the mutual association’s directors, Virgílio Lima stated that the remunerations are set by an independent commission and considered aligned with market standards.
“If we have the management demands of any bank or insurer, we must have managers with the same conditions as those operating in competing entities if we want to maintain quality,” he expressed.
According to Virgílio, the top of the Montepio group faces additional complexity due to its special nature, which calls for competitive compensation.
“Therefore, people cannot be paid differently from their competitors or managers of other entities if we want effective quality management,” he stated.
The president of the Montepio mutual association earns a gross monthly salary of approximately 30,000 euros, plus benefits such as a company car and a pension fund. The other administrators receive about 20,000 euros gross, along with benefits.
