Zammar will have to restore popular support for not honoring his investment contract with the state – Observer

Tourist complex oboist, in the municipality of Odemira, the state will have to return to the support it has received over the past decade for failing to honor an investment contract signed in 2010 with the Portuguese Agency for Investment and Foreign Trade (AICEP), according to A government order was issued Thursday in Diario de Republica.

The subject of the dispute is an investment contract signed in May 2010 between the state (represented by AICEP) and Pasiton Holdings and Multiparques. The objective of the contract was to establish and operate a camp site and tourist complex, which received public investment incentives from AICEP, a government agency dedicated to the globalization of the national economy..

“During the term of the agreement, it was found that Multiparques failed to comply with its contractual obligations, i.e. financial and information obligations and to request prior authorization to change the shareholder structure, as well as to maintain Rate of financial independence,” says the government arrangement.

“In fact, it was found that Multiparques failed, from the outset, to comply with clause 11 of the Contract, by not making all the installments stipulated in the initially agreed payment plan, nor the payments which were due to the strength of the later agreed payment plans Following the relevant renegotiation requests you have made.”

Furthermore it, The company running Zmar has not informed AICEP of changes it has made to its shareholder structure.

As a result, the government decided to terminate the investment contract and demand “a refund of the amount of the financial incentive paid (…) in addition to interest, within the terms and conditions established by law and contract.”

According to the Economist newspaper,, the company that owns the Zammar complex is virtually bankrupt and owes more than 40 million euros to some 350 creditors – including the state.

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Zammar issued the news this year after the government asked him to do so We welcome immigrants from the municipality of Udemir During one of the most dangerous phases of the COVID-19 pandemic in the southwest of the Alentejo epidemic Draw attention to agricultural practices in that area, where thousands of migrants work on large farms where they live practically without conditions, in containers shared by dozens of people. This context has become a fertile ground for the uncontrolled spread of the coronavirus and has made Odemira municipality one of the areas most affected by the epidemic..

Zammar civil request to alleviate the situation It sparked a great political controversy in the countryWhere inside the complex there are private holiday homes, the owners of which are opposed to resorting to the courts and, as a last resort, to confrontations with the police on the spot.

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