Ver Angola

Real Estate

PGR seizes China International Fund buildings in Luanda

The National Asset Recovery Service of the Attorney General's Office (PGR), seized the buildings CIF Luanda One and CIF Two, held by the Angolan company China International Fund Angola, according to a document consulted by Lusa.

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The warrant, dated Monday, which does not indicate the reason for the seizure, named the Ministry of Spatial Planning and Housing as the faithful depositary of the buildings.

The seizure takes place under the terms of the Law on Coercive Repatriation and Extended Loss of Assets, in conjunction with the Regulatory Law on Magazines, Searches and Seizures.

The buildings in question, the tallest in that area, with 25 floors, are located in the urban district of Ingombota, in Luanda, close to the old National Assembly, and are home to offices of several private companies.

The seizure follows on from another one, carried out last week, of more than a thousand unfinished properties, buildings, shipyards and land in the Vida Pacífico urbanization and in Kilamba, on the outskirts of Luanda, which were owned by Chinese companies China International Fund, Limited (CIF Hong Kong) and China International Fund, Limited (CIF Angola).

A source from the PGR of Angola told Lusa that "these properties were paid for with public funds, but were not in the State's property sphere and that was what dictated the seizure".

In April of last year, PGR had already announced the recovery of 262 million euros to the CIF Angola consortium, as the management entity for the construction project for the new Luanda International Airport. The inquiry process was initiated after an inspection of the works on the new international airport by the Ministry of Transport.

CIF Limited is a privately owned Chinese company based in Hong Kong and an office in Beijing, founded in 2003 to finance national reconstruction and infrastructure development projects in developing countries, mainly in Africa.

In Angola, he participated in the construction of several social projects and owns several projects, including a cement factory, in the locality of Bom Jesus, in Luanda.

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