President of Cabo Verde airline TACV confirms redundancies

10 March 2016

The staff of Cabo Verde’s (Cape Verde’s) flagship airline TACV will be reduced by more than 100 workers through early retirements, voluntary redundancies and even dismissals, the president of the carrier said.

João Pereira da Silva, cited by Cape Verdean weekly newspaper A Semana, said there is an ongoing restructuring process “someday it had to reach the staff” but noted that he could not say if the cut backs would affect 110 or 120 workers.

TACV’s sole shareholder is the Cape Verdean state and it is therefore responsible for authorising the lay offs and ensuring compensation is paid.

Silva also said that the proposed technical and operational restructuring was almost complete and “is almost aligned with the new corporate structure, which will be less burdensome in terms of administration, management and departments.”

The financial part of the restructuring process – the company has an estimated liability of 90 million euros – “will be considered later, taking into account that it requires money.”

In January, the Caixa Económica de Cabo Verde bank bought TACV’s entire debt to Cape Verdean banks, amounting to 1.2 billion escudos (about 10 million euros). (macauhub/CV)