ANGOP - Angola Press News AgencyANGOP - Angola Press News Agency

Go to homepage



Home » News » Economy

Fri, 14 Jun 2019 16:14 - Updated Fri, 14 Jun 2019 16:14

Attorney General's Office orders seizure of textile factories

Luanda - National Asset Recovery Service of Attorney General?s Office (PGR) has ordered the seizure of three textile factories, located in the provinces of Benguela, Cuanza Norte and Luanda.

Send by email

To share this news by email, fill out the information below and click Send


To report errors in the texts of articles published, fill out the information below and click Send

Attorney general, Helder Fernando Pitra Grós

Photo: Gaspar dos Santos

This is expressed in its communiqué released Thursday,  stressing that  move is part of ongoing work to assess the financing of public funds paid to private companies, with "some in irregular privatisation process”.

The source said that the other companies have been funded and supported by the sovereign guarantee of the State, so far without voluntary repayment of these public funds.

The companies include Mahinajethu-Satec,  located in Dondo, northern Cuanza Norte province; Alassola-África Têxtil (Benguela) and Nova Textang II (Luanda).

The statement mentioned Joaquim Duarte da Costa David, Tambwe Mukaz and José Manuel Quintamba de Matos Cardoso, as the last beneficiaries of these industrial projects.

According to the PGR, the textile factories were financed by a credit line  from the Japanese Bank for International Cooperation, worth USD1.011 billion.

The government is being required to pay back such an amount the company never returned, the source said.

Also, a credit line was granted by BAI Bank to the Tecidossita factory in Dondo and Benguela textile factory (Alassola-África Têxtil).

As for the latte, the State provided a sovereign guarantee totaling Kwanzas 12.9 billion.

Tags Economy  

Read also
  • 13/06/2019 14:47:32

    IMF praises Angolan government efforts

    Luanda - The Executive Council of the International Monetary Fund (IMF) has praised the efforts of the Angolan government in its fight for economic stabilization, Finance Minister Archer Mangueira said Wednesday in Luanda.

  • 13/06/2019 12:10:21

    Executive and business associations support "Projects in Efforts"

    Luanda - The Angolan Executive and business associations will carry out the survey and support the "Effort Projects", business initiatives with a physical and financial execution rate of more than 50% and that can be completed in the fourth quarter of 2019 and first of 2020.

  • 12/06/2019 16:45:19

    Icolo e Bengo hosts export diversification meeting

    Luanda - Luanda province’s Icolo e Bengo municipalty hosts a meeting on Export Diversification and Import Substitutions Support Programme (PRODESI), aimed to register and clarify the entrepreneurs on the access to credit.