- Costa resigns amid inquiry.
- Corruption investigation and warrants.
- Lithium and EU’s interest.
The resignation of António Costa, the Prime Minister of Portugal, followed a search of his official residence by investigators conducting an inquiry into alleged corruption.
He stated that while he had not been identified as a suspect, the investigation was incompatible with his ability to remain in office.
Inquiry into Alleged Corruption
Prosecutors announced their investigation into concessions granted for lithium mines and hydrogen production on Tuesday.
Detention warrants were reportedly issued for five individuals, including Vítor Escária, the Chief of Staff to Mr. Costa.
According to the Público newspaper, Mr. Escária had been taken into custody.
Concurrently, investigators indicted Minister of Infrastructure João Galamba in connection with the investigation into energy transactions.
In a televised address on Tuesday, the Prime Minister stated, “Any suspicion regarding his integrity, good conduct, or the execution of any criminal act is incongruous with the dignity of the functions of the Prime Minister.” Further, any suspicion regarding his criminal activity would be even less justified.
“Your path to wealth begins here – don’t wait, get your free Webull shares.”
Mr. Costa expressed astonishment at the corruption investigation but pledged to cooperate with it nonetheless.
Neither an illicit nor a censurable act rests on my conscience, he continued.
President Marcelo Rebelo de Sousa announced on Wednesday that he had accepted the resignation of the Prime Minister and convened consultations with political parties.
Political Crisis Unfolds
As part of the investigation, prosecutors released a statement detailing searches of over forty distinct locations, which precipitated the political crisis.
Alleged corruption and influence peddling in lithium mining concessions in northern Portugal, a hydrogen production project, and the proposed construction of a data centre in the deep-water port of Sines, located south of Lisbon, are subjects of investigation by prosecutors.
Approximately 140 detectives searched seventeen residential properties and twenty-five other locations. Including the Prime Minister’s Chief of Staff’s office and two government ministries.
Additionally, municipal facilities in Sines were searched.
The leading PSI 20 share index in Portugal fell nearly 3 percent as the political crisis unfolded.
EU concerns include lithium and other raw minerals from Africa, China, and South America for renewable energy transition.
The lithium reserves in Portugal are crucial to meeting the rising demand for electric vehicles in Europe. However, certain local residents have expressed opposition to exploration initiatives.Tory MP Bob Stewart found guilty of racial abuse.
