Ver Angola

Banking and Insurance

Dissolution of Banco Kwanza Investimento can be decided this Monday in general meeting

The dissolution of Banco Kwanza Investimento (BKI), whose main shareholder is the Swiss-Angolan businessman Jean-Claude Bastos de Morais, may be decided this Monday if the extraordinary general meeting called for that purpose is held in early December.

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The holding of the extraordinary general meeting - called for this Monday to dissolve the bank and appoint a winding-up committee - will depend on the representation of more than 50 percent of the capital stock with voting rights.

Should this quorum not occur, the announcement published by the bank in the Jornal de Angola at the beginning of last month establishes that the extraordinary general meeting will be held on the 20th, with full deliberative power, "regardless of the number of shareholders present or represented and the capital represented by them.

The Lusa agency was unable to contact the outgoing chairman of the general meeting, Emanuel Maria Maravilhoso Burchatts, who signed the call.

The Banco Nacional de Angola (BNA) made it known at the end of July - when the BKI called an extraordinary general meeting for the same purpose, which did not materialize - that the bank was subject to several measures, such as the obligation to comply with any instructions to transfer the bank's clients to third parties, including the closure of accounts, and to keep regulatory own funds within the required minimum limits, until the bank's liquidation process had begun.

BKI, linked to Jean-Claude Bastos de Morais and the former president of the Sovereign Fund of Angola, José Filomeno "Zenu" dos Santos, recorded net losses in the order of 515 million kwanzas in the 2019 financial year, according to an audited accounts report of the company, cited by Angop.

Businessman Jean-Claude Bastos de Morais, president and founder of the Quantum group, which managed the Sovereign Fund of Angola, was a partner of "Zenu" dos Santos, son of former president José Eduardo dos Santos.

The Swiss-Angolan businessman was in custody for about six months, accused of crimes of criminal association, improper receipt of advantage, corruption and economic participation in business, as part of an investigation into the management of that fund.

"Zenu dos Santos was sentenced in August to five years in prison for his involvement in another case, which became known as the "500 million" case, but he appealed the sentence and is awaiting a free decision.

The son of the former president and three other defendants were convicted of fraud and defrauding, embezzlement, and influence peddling.

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