Ver Angola

Economy

Port of Luanda and TAAG among the companies that did not submit accounts to the State

Five companies under the Ministry of Transport, including the Port of Luanda and TAAG, have not yet submitted their 2019 accounts to the State. The deadline for the submission of last year's reports and accounts expired in June.

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In addition to TAAG and the Port of Luanda, the ports of Amboim, Namibe and Cabinda are on the list of non-compliers.

According to Jornal de Angola, the public business sector linked to the transport area consists of 15 companies, however, according to the list published by the Institute for the Management of Assets and State Participation (IGAPE), which is responsible for controlling the public business sector, only 10 presented the report and accounts for 2019.

Of these 10, eight submitted a document containing several irregularities. Among the main irregularities, according to Félix Novais, an accounting specialist, quoted by Jornal de Angola, are tangible and intangible fixed assets, accounts receivable, provisions for other risks and charges, service provision, among others.

Another example is the case of Empresa Nacional de Navegação Aérea (ENNA) and Caminho de Ferro de Moçâmedes (CFM), where the documents presented are not part of an external audit opinion, raising doubts about the credibility of the data presented.

Félix Novais also revealed that, based on the data presented, the transport sector suffered losses of around 283.064 million kwanzas, stating that all railway companies suffered losses, in particular the Luanda Railway, which recorded losses of around 298.261 million kwanzas.

On the other side of the coin is the Airport Management Company, which ended 2019 with a positive result of 9.904 million kwanzas.

The specialist also mentions that Transportes Colectivos Urbanos de Luanda (TCUL) and Sécil Marítima showed a very negative performance, admitting that the companies may find themselves in technical bankruptcy because they had negative equity.

Novais also lamented the fact that the law does not establish penalties for companies that do not comply with the Basic Law of the Public Business Sector - which dictates that public companies must submit their accounts to the State.

This year, the deadline for submitting accounts was extended until June due to the covid-19 pandemic.

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