Two local companies – Geocapital Holding Limited (Geocapital Investimentos Estratégicos SA) and its main subsidiary, Geocapital Participations Limited (Geocapital Gestão de Participações SA) – have lost all their staff in Macau and have no more headquarters and representative in the city due to unpaid debts to employees, suppliers, banks and taxes here, some stretching back to August 2014.
According to Business Daily sources, local economist Albano Martins has left the company due to salary arrears and disagreement about the way the funds of the company were being used by the major shareholder, Mr.
Jorge Ferro Ribeiro, a former shareholder of Construções Técnicas, a well-known construction company during the former administration of Macau by the Portuguese Government which fell into bankruptcy in the 90s.
Our sources confirm that Mr. Martins has already sent a letter complaining about the situation and reporting the rescission of the contract with just cause to the Labour Department.
Contacted by Business Daily, former General Manager Mr. Albano Martins confirmed he had left the company last December due to divergences with the way the companies were being financially managed, but preferred not to comment further at this stage.
The other main shareholder of the Holdings company is gaming magnate Stanley Ho.
Geocapital Gestão de Participações SA, has considerable stakes in three banks in Africa (Banco Mais, former Banco Tchuma, in Mozambique; Caixa Económica de Cabo Verde and BAO-Banco da África Ocidental in Guinea-Bissau) as well as an insurance company in Cape Vert, Ímpar.
|The Stanley Ho connection
Geocapital, the holding company for investment in Portuguese-speaking countries of businessmen Stanley Ho (pictured above) and Jorge Ferro Ribeiro, sought to establish itself as one of the main biofuel producers worldwide by 2018, basing its operations in Angola, Mozambique and Guinea Bissau, according to Macaus governments economic services website Macau Hub.
Jorge Ferro Ribeiro has been one of Stanley Hos partners in various businesses in several countries.
In 2010, the Portuguese businessman announced the creation in Macau, possibly in the following year, of an investment bank.
“In Macau, we are negotiating with the Monetary Authority and other partners, he was quoted as saying by Lisbons daily newspaper Público.
According to Business Daily sources, the Monetary Authority of Macau “never felt comfortable with that, which explains why until today Geocapital never succeeded in launching its bank here.