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PM's Residence, Ministries Raided By Police In Corruption Probe
The residence of Prime Minister António Costa, as well as the Environment and Infrastructure ministries have been raided by officers from the Public Security Police (PSP) as part of a corruption probe into matters relating to the exploration of potential lithium deposits in the north of the country and a green hydrogen project in the city of Sines. Publico reports, "António Costa's chief of staff, Vítor Escária, Costa's close consultant, Diogo Lacerda Machado, and the mayor of Sines, the socialist Nuno Mascarenhas, have already been arrested, as well as as two company executives."
- Expresso reports: "The Minister of Infrastructure, João Galamba, and the former Minister of the Environment, João Pedro Matos Fernandes, will be named defendants in this case."
- Costa has cancelled a planned appearance today in Porto, and President Marcelo Rebelo de Sousa has also cancelled his schedule. Costa met with the president for 30 mins earlier today to discuss the situation.
- Meanwhile the main opposition centre-right Social Democratic Party (PSD) has called an emergency meeting given the "seriousness of the situation." Rui Rocha, head of the libertarian opposition Liberal Alliance has called for Costa's resignation, and if this is not forthcoming then the president to dissolve the Assembly of the Republic (AR) in response to the arrests.
- Costa's centre-left Socialist Party (PS) holds a majority in the AR, and the next election is not due until Oct 2026 at the latest meaning if he retains the support of his party Costa could seek to ride out any scandal.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.