Summary: The Court of Justice of the European Union has notified in writing its Chamber judgment in the case of Commission v Portugal. The Court considers that the Portuguese State’s holding of ‘golden’ shares in Portugal Telecom constitutes an unjustified restriction on the free movement of capital.
Those golden shares grant the Portuguese State influence over decision-making in the company which is liable to discourage investments from operators in other Member States.
http://www.codex-online.com/codex/contents.nsf/vWebAccessDocuments/2FA60CBE1CE834B5C22577610047ECB3?OpenDocument&Login