According to Africa Monitor Intelligence, following the granting of credit to UNITA – in which approval was determined by compliance with strict compliance criteria – the financial institution became obliged to undergo continuous inspections by the BNA.
Furthermore, according to Africa Monitor Intelligence, so far, the BIC has not yet succeeded in replacing three directors removed under a new central bank directive, which limits the exercise of administrative positions to three terms.
"As a result of the aforementioned rule, which also came to bar large shareholders (more than 40 percent) from exercising administrative functions in national financial institutions, Fernando Teles, founder of BIC, had already lost the positions of chairman of the Board of Directors (CA) and the Executive Committee. The BNA's opposition to the appointment of new directors has been justified on the grounds that the open positions are intended to be filled by appointments made by BNI", advances Africa Monitor Intelligence.
With four members, the board is working with irregularities, since it does not obey the rule that the administrative bodies of public limited companies have to have an odd number.
Thus, the BNA has used this reason as a mechanism to shorten the merger time with BNI, also benefiting from the institution's less positive results - arising from its inspections - to increase pressure.
Africa Monitor Intelligence also adds that recently, at a general meeting in which the former President's daughter was present remotely, Isabel dos Santos showed interest in selling her stake in BIC.
