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Wed, 12 Sep 2018 13:32 - Updated Wed, 12 Sep 2018 13:32

BESA bank bankrupted due to political decision

Luanda - The former head of the Executive Commission of the extinguished Banco Espírito Santo Angola (Besa), Álvaro Sobrinho, said on Tuesday that the institution bankrupted due to political decision not over a state of insolvency.

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entrepreneur Álvaro Sobrinho

Photo: Pedro Parente

“The bank bankrupted due to a political decision taking into account the people that were involved in it, that’s why I say it was a political decision”, justified the businessman and mathematician during an interview granted to Angola Public Television (TPA).  

Álvaro Sobrinho also wondered whether Besa has really gone bankrupt, because, according to him, from the formal viewpoint the bank still exists with another denomination (Banco Económico) and regarding the practical side there was not any international, independent, state-owned or auditing institution that declared the bankruptcy of the institution.

He also explained that the bank had been subjected to an auditing process in 2011 carried out by the European Bank, and this international institution did not notice any bankruptcy situation.

However, he added, the narrative of an eventual bankruptcy grew from the part of the shareholders, whose bankruptcy was never declared by the National Bank of Angola (BNA), KPMG auditors, fiscal council or other international regulatory body.   

As regards the institution’s accounts, Álvaro Sobrinho said that since the beginning of the activity of the bank in January 24 of the year 2002, it always introduced positive liquid results until the day he left the institution in 2012.

Besa bankruptcy was declared in October 14 of 2014, by that time it had 34 agencies.  

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