TAP shareholder lost €169M when he left the company
Portugal's minister for infrastructure and housing revealed that the shareholder David Neeleman lost €169 million when he left TAP.
Shareholder David Neeleman lost €169 million when he left TAP, Portugal’s minister for infrastructure and housing, Pedro Nuno Santos, said on Friday during the presentation of the group’s restructuring plan.
David Neeleman “was entitled to additional payments of €224 million,” that is, “at the time the state became a majority shareholder, the private party was going to ask for €224 million,” he said at a press conference at the Ministry of Infrastructure in Lisbon.
“The state was not going to agree, it was going to dispute it”, he said, pointing out that the most acceptable solution was to pay the shareholder €55 million.
In other words, he added, “David Neeleman accepted to lose €169 million”.
On Thursday, the government handed over TAP’s restructuring plan to the European Commission.
