Ver Angola

Banking and Insurance

Banco Kwanza calls new general meeting to dissolve the institution

Banco Kwanza Investimento, whose main shareholder is the Swiss-Angolan businessman Jean-Claude Bastos de Morais, has again called an extraordinary general meeting to dissolve the company, according to an announcement published in Jornal de Angola.

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The bank had already published similar calls for the dissolution of the company and the appointment of a liquidation committee, without achieving the objectives due to lack of quorum.

The announcement published this Thursday summons shareholders to meet on January 4 and if it is not represented more than 50 percent of the share capital with voting rights, admits a second call to the 20th, but this time the decisions they may be decided "whatever the number of shareholders present or represented and the capital represented by them".

Previously, an extraordinary general meeting was scheduled for 31 August, which required a minimum presence of more than 50 percent of the represented share capital. The Bureau of the General Assembly, meanwhile, advanced the date of 17 September for a second call, in case of lack of quorum.

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

Shortly after this announcement was made, the National Bank of Angola (BNA) imposed measures on Banco Kwanza, namely to execute transfers from clients and maintain the limit of own funds.

According to the banking supervisory authority of Angola, until its dissolution, if that is the shareholders' decision, Banco Kwanza will have to adopt some measures, among which refrain from receiving new deposits, except for those related to the repayment of third party credits or debts to the bank.

BKI is also required to comply with the instructions for transferring the bank's customers to third parties, including closing accounts, and keeping regulatory capital within the required minimum limits, as long as the bank's settlement process has not started. If this does not happen, the bank will have its license revoked and judicial liquidation will be carried out.

Banco Kwanza Investimento, linked to Jean Claude Bastos de Morais and the former president of the Angolan Sovereign Fund, José Filomeno "Zenu" dos Santos, recorded net losses in the order of 515 million kwanzas, in the 2019 financial year, according to a audited company account report.

The businessman Jean-Claude Bastos de Morais, president and founder of the Quantum group, which managed the Angola Sovereign Fund, was a partner in "Zenu" dos Santos, son of former President José Eduardo dos Santos, and was in pre-trial detention for about six months, accused of crimes of criminal association, undue receipt of advantage, corruption and economic participation in business, as part of an investigation into the management of this fund.

"Zenu" dos Santos was sentenced in August to five years in prison for his involvement in another process, which became known as "500 million", but he appealed the sentence and awaits a decision in freedom. The son of the ex-President and three other defendants were convicted of fraud and fraud, embezzlement and influence peddling.

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