According to an announcement published Friday in Jornal de Angola the headquarters building of the former bank BANC (Banco Angolano de Negócios e Comércio) "Talatona" and two autonomous fractions located in Tower A, Alvalade Residence of the Comandante Gika development in Luanda will be sold.
The sale of the properties is part of the liquidation process of the bank, following the bankruptcy declared on 14 May by a court in Luanda.
In the same sentence, as reported at the time by the newspaper Mercado, the District Court of Luanda considered that the directors of BANC were responsible for the bankruptcy of that banking institution.
"The bankruptcy was due to the culpable and wilful acts of the directors, given that, although it was not up to them to increase the share capital, the financial institution had been technically bankrupt for a long time," the ruling states in the special bankruptcy suit filed by the Public Ministry (representing the state) against BANC.
The verdict also says that the directors of BANC acted negligently, disobeying the rules "on risk, since they were imprudent in granting credits, in disobedience to the interests of creditors, investors, depositors and shareholders, says Mercado.
The District Court of Luanda concluded that the administrators had distorted data from the bookkeeping and had not been honest in business transactions and decided that they should be held liable with their assets.
BANC saw its authorization to exercise banking activity revoked on February 6, 2019, by decision of the National Bank of Angola (BNA).
On June 26, 2018, the Board of Directors of the BNA had decided to proceed with an intervention in Banco Angolano de Negócios e Comércio, S.A. (BANC), after having verified a significant degradation of financial indicators and the inability of BANC to meet its responsibilities in the national payment system.
The National Bank of Angola's intervention confirmed the existence of an inadequate governance model in view of the risks incurred and serious financial deficiencies, resulting in the technical bankruptcy of the BANC.
