Two senior executives at Portuguese energy company EDP have been suspended amid an ongoing corruption investigation.
Chief executive Antonio Mexia and Joao Manso Neto, the boss of the renewables division, have stepped aside. Chief financial officer Miguel Stilwell de Andrade will take over the interim post left vacant by Mexia.
EDP said the executive changes came “in the context of the judicial procedure investigating the early termination of Power Purchase Agreements regime and transition to the Costs of Maintenance for Contractual regime” as well as “the extension of the hydro public domain right of use”.
The investigation has been ongoing since 2012 and “is related to the alleged favouring of EDP through the obtainment of supposed benefits of €1.2 billion”, added a statement.
“EDP reaffirms that regarding these matters there was no irregularity that can be attributed to the company,” the company said, while any claims to the contrary “lack substance”.
Trading in the company has been suspended.