I welcome readers’ take on this research about EDP at the intersection of Boston Consulting Group and Hillary Clinton.
EDP head office raided in corruption probe
Created: 02 June 2017
Officers of the Judicial Police raided the Lisbon offices of EDP, REN and the Boston Consulting Group this morning as part of an investigation into active and passive corruption.
The Attorney General's Office explained that the investigation is being run by the Central Department of Investigation and Criminal Action which the Public Prosecutor's Office uses in complex cases. Energy bosses António Mexia from EDP and Rodrigo Costa from REN confirm the searches.
“Redes Energéticas Nacionais (REN) confirms that, today, proceedings have been carried out by the judicial authorities at the company's headquarters in Lisbon. REN will continue, as always, to collaborate with the authorities in everything that’s within its reach."
EDP confirms the police had been to collect information and said it would cooperate with the authorities.
"The Boston Consulting Group confirms that the Judicial Police was present at its Lisbon office and has made available all the necessary elements to the ongoing investigation and will continue to collaborate with the authorities while always ensuring the confidentiality of its customers."
The Judiciary Police did not make a statement but the Public Prosecutor’s office said, "The purpose is to investigate facts subsequent to the legislative process and administrative procedures relating to the introduction into the national electricity sector of Contractual Equilibrium Maintenance Costs (CMEC). The CMECs are compensation payments for the early termination of energy contracts."
The searches focused on the companies’ financial and administration departments, in the hunt for "facts that could be included in crimes of active corruption, passive corruption and economic participation in business."
This complex CMEC business dates back to the last decade when the State, with the full backing of Brussels, was empowered to compensate EDP for the cancellation of energy purchase contracts with its supplier, REN, so that everyone could enter the unregulated energy market from July 1, 2007, without old supply contracts getting in the way, which apparently is what the EC wanted but later was attacked by the Troika over 'excessive revenues.'
To facilitate the scrapping of these contracts, the CMEC system was devised, which ensured compensation was paid to EDP by the taxpayer, not the electricity consumer through higher prices.
The idea of paying State compensation came from the Pedro Santana Lopes government at the end of 2004, but was triggered by the José Sócrates administration in 2007, when Manuel Pinho was at the Ministry of the Economy and António Mexia was already heading EDP.
At the time of the Troika, the Passos Coelho government classified these CMECs as "excessive revenues," a definition rejected by EDP’s Mexia who said the payments "reduced the costs to taxpayers."
The European Commission later wanted to open an investigation into the way these payments were handled. Someone somewhere seems to have found a way of fiddling the system so Portugal’s forces of law and fiscal order have opened yet another corruption investigation into high profile companies.
EDP shares drop after senior staff named in corruption probe
EDP chief denies wrongdoing over contracts under investigation ...
13 hours ago - EDP chief denies wrongdoing over contracts under investigation ... the local division of U.S. consulting firm Boston Consulting Group on Friday in a probe ... market, saying it suspected "crimes of active and passive corruption…”
IT GETS CRAZIER.
EDP voting rights and shares to Mubadala
PDF / 254 Kb
Change of qualified shareholding in EDP
Monday, January 30, 2017
IPIC notified EDP that 100% of its shares and inherent voting rights have been acquired by Mubadala Investment Company PJSC.
About Mubadala Investment Company
On 21 January 2017, the President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, as the ruler of Abu Dhabi, issued a law creating the Mubadala Investment Company, a company wholly owned by the government of Abu Dhabi.
- See more at: http://www.mubadala.com/en/mubadala-investment-company#sthash.nPynd...
Mubadala Development Company | Abu Dhabi, United Arab Emirates
Established and owned by the Government of Abu Dhabi, Mubadala's strategy is ... Mubadala Investment Company Board of Directors endorses new structure ...
US goes after $1.4 billion in assets linked to Malaysian ... - Stuff.co.nz
Jul 21, 2016 - "Instead, that money went to relatives and associates of the corrupt officials of 1MDB and others." ... Among them is Riza Shahriz Bin Abdul Aziz, who co-founded Red Granite ... company aimed at encouraging foreign direct investment. ... with Abu Dhabi's state-owned Mubadala Development Company.
US Attorney General Loretta Lynch announces a civil action seeking the recovery of more than US$1 billion worth of assets taken from a Malaysian sovereign wealth fund.
The United States moved on Wednesday to recover more than US$1 billion (NZ$1.43 billion) that federal officials say was stolen from a Malaysian wealth fund by people close to prime minister Najib Razak.
It is alleged the ill-gotten funds paid for luxury properties in New York and Beverly Hills in California, a US$35 million private jet and paintings by Vincent Van Gogh and Claude Monet. It was also used to settle gambling debts in Las Vegas casinos and to produce Hollywood film The Wolf of Wall Street.
The case alleges a complex money-laundering scheme that the US Justice Department says was intended to enrich top-level officials of a government-controlled Malaysian wealth fund, known as 1MDB.
May 2010: 1MDB signs deals with sovereign wealth funds in the Gulf emirates of Qatar and Abu Dhabi. Prime land in Kuala Lumpur is sold to 1MDB at below-market rates to develop a financial centre, in a joint venture with Abu Dhabi's state-owned Mubadala Development Company. After spending nearly US$2 million on a launch party, 1MDB ditches the event when Abu Dhabi's crown prince decides not to attend.
Google: Hillary Clinton Boston Consulting Group About 288,000 results (0.66 seconds)
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Delegate, Hillary Clinton (D), $173,712. Delegate, Barack Obama (D), $125,090. Delegate, Mitt Romney (R), $51,775. Delegate, John Kerry (D-MA), $24,598.
How corporate America bought Hillary Clinton for $21M | New York Post
May 22, 2016 - $225,000; 6/20/2013, Boston Consulting Group Inc., Boston, Mass.: $225,000; 6/20/2013, Let's Talk Entertainment Inc., Toronto, Canada: ...
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Dec 2, 2016 - He even hired former Hillary Clinton aide Cheryl Mills to serve on the firm's ... president and CEO, Boston Consulting Group;; Doug McMillon, ...
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Oct 11, 2016 - The WikiLeaks dump of speeches Hillary Clinton fought to keep secret from the ... For example, she told the Boston Consulting Group in 2013:.
Clip from First Solar and Energy Secretary Chu's "DOE's Junk Bond Portfolio" JUNE 2012
First Solar is not directly in the "DOE junk bond inventory" that I reported on in April (Green Corruption: Department of Energy “Junk Loans” and Cronyism –– Intro), but are they are linked to three of the projects on that list.
Back in 2009 –– since the passing of President Obama's Taxpayer Funded Stimulus Spending Spree, of which over $80 billion was earmarked for alternative energy –– is when I began following the green money. At that time, I uncovered some riveting revelations and connections about Goldman Sachs. But what I found most fascinating came from Matt Taibbi's Rolling Stone Magazine piece and video, where he exposed Goldman Sachs' "long-standing and very deep ties to the Democratic Party," and their "long history of putting their former employees in Democratic administrations."
I won't reiterate, but it can be found in my 2010 blog, Green Corruption: The Plot Thickens, yet worth repeating are some other Goldman Sachs' firms and projects that received "green dollars" that I found when I took a brief look.
One of the early investments reported by Matt Taibbi in his July 2009 Rolling Stone Magazine article –– The Great American Bubble Machine, warning that Goldman Sachs is "helping create the next bubble, 'global warming' –– was Horizon Wind Energy. Back in 2010 Horizon was still on the Goldman Sachs Environmental Markets portfolio, but reported as owned by Portuguese EDP Renewables. Still, it turns out that they won a $229.8 million grant from the "green stimulus package," as reported by GreenTechnology.Daily.com in December 2009, pointing out that it was one of the "top grant recipients." The article also notes, "European companies have scooped up the majority of U.S. stimulus money set aside for wind power projects."
Nordic Windpower, funded by Goldman Sachs and Khosla Ventures (and others) ––