Macau | Edoardo Mortara wins FIA GT Cup - Grand Prix
| 01:46pm
China wants Bangladesh, Myanmar to solve Rohingya crisis bilaterally
| 01:40pm
Lebanese FM may not attend Arab League meeting, to decide Sunday: senior Lebanese official
| 01:15pm
Haitian army set to make controversial return after two decades
| 12:26pm
Argentina says satellite calls detected, likely from missing submarine
| 12:22pm
U.S. nuclear general says would resist 'illegal' Trump strike order
| 12:17pm
Gerry Adams to step down in end of an era for Irish nationalism
| 12:13pm
Macau | Robert Huff becomes the most decorated driver in the history of the Grand Prix
| 12:07pm
Party set to sack Mugabe, Zimbabweans celebrate expected downfall
| 10:43am
Honda Recalls 800,000 Odyssey Minivans Linked to Injuries
| 10:18am

Geocapital loses staff and headquarters

The company, owned by long time partners Stanley Ho and Jorge Ferro Ribeiro, has ceased paying staff and other debts. And the General Manager has resigned due to divergences on financial management

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 90’s.
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 Macau’s government’s economic services website Macau Hub.
Jorge Ferro Ribeiro has been one of Stanley Ho’s 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 Lisbon’s 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”.

OPINION

543 POSTS0 COMMENTS
224 POSTS0 COMMENTS
185 POSTS0 COMMENTS
103 POSTS0 COMMENTS