Fleet News

Avis Europe on the case

Avis Europe is investigating a case of potential malpractice at its local subsidiary in Portugal.

Avis directors expect that, if confirmed, the malpractice will have resulted in an overstatement of the group’s net assets in December last year by around E3 million.

A full investigation is under way and several managers in Portugal have been suspended “as a protective measure”.

Avis warns that the fiasco could hit this year’s pre-tax profits by around €3m, as well as the costs of the investigation. The firm is working to explore avenues that could reduce the financial impact.

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